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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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Thursday, 25 September 14
LACK OF COAL BUSINESS PUSHING DOWN PANAMAX EARNINGS IN PACIFIC
Handy
In the Atlantic we see rates steady climbing upwards. More coal cargoes out of USG and USEC are helping the TA market which is up some USD ...
Wednesday, 24 September 14
ADARO AGREED TO REDUCE ITS CONCESSION AREA TO 31,379.8 HECTARES
COALspot.com: PT Adaro Energy Tbk (Adaro Energy) today announced that, PT Adaro Indonesia (AI), its wholly owned subsidiary, entered into a M ...
Wednesday, 24 September 14
CAPESIZE: ACTIVITY IN BOTH BASINS WAS UNIMPRESSIVE
COALspot.com: The end of the week prior seems to have marked the tone for the days that followed, with the Dry Bulk market giving up a significant ...
Tuesday, 23 September 14
MEDCO TO INCREASE ITS COAL PRODUCTION NEXT YEAR
COALspot.com: PT Medco Energi Internasional is looking to increase its coal production next year, supported by the launch of operations at its Duta ...
Monday, 22 September 14
COAL SECTOR CHAOS - GENESIS TO REVELATION - DIPESH DIPU
COALspot.com: “Let there be light”, intends the government of India but the fuel side of the story paints a blackout. The recent Suprem ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- The University of Queensland
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
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