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Wednesday, 08 October 14
IS THERE ANY BRIGHT SIDE ON THE DRY BULK SEGMENT? - YANNIS OLZIERSKY
 In the movie “Life Of Brian”, a character on a nearby cross was singing the famous “Always look on the bright side of life” in order to cheer up Brian, who had been sentenced to death by crucifixion. In shipping the “dry side of life” doesn't seem very bright and unfortunately the fundamentals are not there to support the industry and sing to us to “look on the bright side of an upcoming rise...”
The much anticipated Q4 is here and market hopes for a dry bulk market rally have not yet materialized and it doesn't seem like they will soon. A snapshot comparison of today's BDI with that of the same time last year reveals that by no means, and especially for the bigger sizes (Capes & Panamaxes), are we on the same track; the chart below can prove same and can show the completely different picture between present levels and those of last year.
From this comparison the only size/segments which is relatively close to last year’s figures, are the Supras and the Handysizes. These two sizes have managed to find support mainly by the US Gulf – Continent route which remains strong due to the record high predicted US grain export season. On the Pacific, although the Indonesian ban of unprocessed ore exports is weighing on Supras and Handies, strong Chinese steel exports managed to support these sizes in the backhaul trade to Continent, US and within Intra Asia.
On the other hand, the situation on the bigger sizes (Capes, Panamaxes) is not the same and their rates have plummeted compared with that of last year. Capesizes have been impacted by the drop in Brazilian iron ore exports and news that Chinese authorities are cutting coal imports by 50Mt this year in order to support the domestic coal market. Along with this, the Chinese government is formulating a new series of anti-pollution measures that may affect imports from Australia.
So is there any bright side on the Dry bulk segment? Apparently not in terms of healthy charter rates and good returns. On the other hand the crisis has given birth to opportunities in the dry bulk market; opportunities to invest! Asset prices are falling and we have seen deals concluded at attractive new lows. As a benchmark the sale of panamax BC m/v Mishima (2002 blt JPN) which has been reported sold for region USD 12,5mill is setting up a new era on asset values, since this price is in line with values we witnessed back in the end of 2012/beginning 2013 were dry bulk assets had hit bottom.
More deals on the same pace will likely follow, since the market has lately been flooded with sales candidates and market prospects remain the same. At the same time the YEN to USD exchange rate is also assisting towards this direction since Japanese owners are traditional Sellers of second hand Bulk Carriers.
What dry bulk owners with appetite to invest should be doing is to be well alerted and ready in order to manage to acquire the right tonnage at the right price!
Compiled by:
Intermodal Research & Valuations
Analysts:
Mr. George Lazaridis
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Saturday, 27 September 14
MORE COAL MINERS AGREE TO AMEND CONTRACTS - THE JAKARTA POST
The Energy and Mineral Resources Ministry is in a rush to beat a deadline for the conclusion of numerous memorandums of understanding (MoUs) with t ...
Friday, 26 September 14
INDIA SUPREME COURT RULING TO HIT STEEL, UTILITY EARNINGS, SAYS FITCH
COALspot.com: The 24 September Supreme Court of India (SCI) decision to cancel almost every coal block allocation since 1993 will have a negative f ...
Friday, 26 September 14
U.S WEEKLY COAL PRODUCTION FELL 1.8% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.80 million short tons (mmst) of c ...
Friday, 26 September 14
ORACLE SIGNS EPC FRAMEWORK AGREEMENT WITH SEPCO FOR COAL MINE AND POWER PLANT IN PAKISTAN
COALspot.com: Oracle Coalfields PLC, the UK developer of a lignite coal mine and power plant in the south-eastern Sindh Province, Pakistan, has ann ...
Friday, 26 September 14
NEWCASTLMAXES ARE THE MOST SOUGHT AFTER VESSELS BY SHIP OWNERS TODAY SAYS VESSELS VALUE
KNOWLEDGE TO ELEVATE
Determining a ship’s fair value can be a very tricky business, especially when you’re the one paying. As such ...
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- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Australian Coal Association
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
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