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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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Thursday, 28 August 14
BANPU REPORTS HIGHER FIRST-HALF YEAR RESULTS FOR 2014
COALspot.com: Banpu Public Company Limited (BANPU) reports higher first half-year financial results for 2014 having its gross profit increasing 3 p ...
Wednesday, 27 August 14
FREIGHT MARKET: IS THE MARKET IN A RECOVERY MOOD? - GEORGE ILIOPOULOS
Is the market in a recovery mood?
August is typically a time when the shipping industry takes it easy… charter-ers book their requireme ...
Tuesday, 26 August 14
4TH ANNUAL ASIA NICKEL
4th Annual Asia Nickel
19-20 Nov 2014
Grand Hyatt Jakarta, Indonesia
Web Site
Asia’s Premier Nickel Conference
Regulation in ...
Tuesday, 26 August 14
DESPITE LOW DRY BULK RATES, BULKER PRICES ARE STILL HIGH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, August tends to be a month of slow activity in the sale and purchasing market and this year has been no exception. However, as shipb ...
Tuesday, 26 August 14
GOVT ON TRACK TO LIMIT COAL OUTPUT - THE JAKARTA POST
The government has announced that it will proceed with plans to cap the production of coal next year, a move aimed not only at protecting the envir ...
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- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Planning Commission, India
- Australian Coal Association
- The University of Queensland
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- PTC India Limited - India
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- White Energy Company Limited
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
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