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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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Tuesday, 09 September 14
PORT OF NEWCASTLE SHIPPED 13.207 MTN OF COAL IN AUGUST; TRADE VALUE AROUND $1.17 BILLION
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.17 billio ...
Monday, 08 September 14
SUB-BIT FOB INDONESIA COAL SWAP UNDERPERFORMED LAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.20 (-0.39%) day on day and US$ 1.60 (-3.04%) per mt week on week. The ...
Monday, 08 September 14
API 8 CFR SOUTH CHINA COAL SWAP FOR DELIVERY JAN'15 CLOSED AT US$ 66.30 PMT W/E 5 SEPTEMBER 2014; LOST 5.15% M-O-M
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.15 (-0.23%) day on day and US$ 2.05 (-3.04%) week on wee ...
Monday, 08 September 14
CHINESE IRON ORE IMPORT DEMAND VERY STRONG - COMMODORE
COALspot.com: 30 dry bulk vessels were chartered in the spot iron ore market last week to haul iron ore import cargoes to Chinese buyers.
Acco ...
Sunday, 07 September 14
FREIGHT MARKET CONTINUED TO BE FIRM IN SPITE OF CAPE'S THIS WEEK'S WEAK PERFORMANCE
COALspot.com: BDI up by 0.7 pct week on week and closed at 1155 points this week. The Baltic Dry Index is a composite of three sub-indexes that mea ...
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- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
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