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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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Saturday, 30 August 14
RECOVERY IN SIGHT FOR THE DRY BULK SHIPPING MARKET - DREWRY SHIPPING CONSULTANTS
Despite weak freight rates so far this year, Dry Bulk shipping earnings are forecast to recover as demand for both major and minor bulk commodities ...
Friday, 29 August 14
U.S. WEEKLY COAL PRODUCTION DROPS 1.3 PERCENT, EIA SAYS
COALspot.com – United States the world's second largest coal producer, produced approximately 19.40 million short tons (mmst) of coal in ...
Friday, 29 August 14
ADARO'S PROFITS SINK FURTHER AMID FALL IN COAL PRICES - JP
Adaro Energy, one of the country’s largest coal miners, has reported a 31 percent drop in net profit in the first half of this year as global ...
Friday, 29 August 14
CHINESE LIGNITE IMPORTS: QUANTITY OVER QUALITY? - CLARKSONS
In the first half of 2014, Chinese seaborne coal imports declined 0.4% y-o-y to 148mt, largely reflecting a 3.3% fall in imports of steam coal. Mea ...
Thursday, 28 August 14
PANAMAX: OWNERS CAN GET AROUND USD 16000 FOR A FRONTHAUL; PERIOD MARKET - VERY QUIET - FEARNLEYS
Handy
The activity and sentiment is improving in the Atlantic with the general TA rate is up about US$ 800 w-o-w. We see more South American carg ...
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- PTC India Limited - India
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- The University of Queensland
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Petron Corporation, Philippines
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
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