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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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Monday, 22 September 14
CFR SOUTH CHINA COAL SWAPS LOST ON DAY, WEEK AND MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 3.10 (-4.50%) month over month and $ 0.95 PT MT week over ...
Monday, 22 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.35 (+0.69%) day on day and lost US$ 0.30 (-0.58%) per mt week on week. ...
Sunday, 21 September 14
CAPE INDEX LOST 17% W-O-W ; BALTIC DRY PLUNGES 106 POINTS
COALspot.com: This week the freight market softened a bit compared to last week.
BDI fell 8.97% week on week and closed BDI at 1075 points on ...
Friday, 19 September 14
U.S. WEEKLY COAL PRODUCTION RELATIVELY FLAT AT +0.1% - EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Friday, 19 September 14
PRICES FOR DRY BULK CARRIERS HAVEN'T CORRECTED ENOUGH, DESPITE LOWER THAN EXPECTED FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lot has been said and written about the looming dry bulk market recovery over the past few months. However, even if this hasn’t been materi ...
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- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Parliament of New Zealand
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Australian Coal Association
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