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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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Sunday, 14 September 14
FREIGHT RATES RALLY AS DEMAND INCREASED
COALspot.com: The Baltic Dry Index (BDI) is a number (in US$) issued daily by the London-based Baltic Exchange up 2.25 percent week on week. BDI cl ...
Friday, 12 September 14
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 673.3 MMST, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Thursday, 11 September 14
THE PANAMAX MARKET IS TAKING A BREATHER - FEARNLEYS
Handy
We have experienced more activity in both hemispheres this week, said Fearnleys in this week's weekly report.
"We see rates c ...
Wednesday, 10 September 14
ARE GREEK BANKS ON THE VERGE TO START LENDING AGAIN? - JOHN N. COTZIAS
It is well known that Greek Banks had suffered severely after the economic crisis of 2008. From that period onwards, major changes have occur ...
Tuesday, 09 September 14
WEAK M&A DESPITE ABUNDANT DISTRESSED INDONESIA COAL ASSETS - FITCH RATINGS
COALspot.com: Fitch Ratings says that a meaningful level of merger and acquisition (M&A) activity leading to a consolidation of the coal sector ...
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- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- The University of Queensland
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Australian Coal Association
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- India Bulls Power Limited - India
- White Energy Company Limited
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
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