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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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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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- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- GMR Energy Limited - India
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
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