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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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Wednesday, 03 September 14
CFR S.CHINA COAL SWAP FOR JAN 2015 DELIVERY CLOSED AT $ 68.30 PMT; DOWN 2.43% W-O-W
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.95 (-1.39%) day on day and US$ 1.40 (-2.03%) week on wee ...
Tuesday, 02 September 14
BERAU COAL HAS AWARDED A CONTRACT EXTENSION TO BUMA FOR 647 MLN BCM OVERBURDEN REMOVAL
COALspot.com: PT Delta Dunia Makmur Tbk (“DOID”) has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama (&l ...
Monday, 01 September 14
GLOBALCOAL WELCOMES TWO NEW MARKET MEMBERS
COALspot.com: globalCOAL® announced today that two Market Members have joined its trading community. Both new Market Members are from the India ...
Sunday, 31 August 14
COAL FREIGHT RATES INTO INDIA FROM INDONESIA FIRM
COALspot.com: The freight market continued to firm this week. BDI up 5.42 percent week ended 29 August and closed at 1147 points while the Ca ...
Saturday, 30 August 14
INDIAN GOVERNMENT SHOULD TAKE NOTICE: THERMAL COAL IMPORT PRICES EXTREMELY LOW - COMMODORE RESEARCH
COALspot.com: Both Indonesian and Australian thermal coal prices are at the lowest levels seen this decade, with Indonesia's monthly benchmark ...
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- Planning Commission, India
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- PTC India Limited - India
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
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