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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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Sunday, 24 August 14
SEA FREIGHT MARKETS STARTING TO LOOK POSITIVE; CAPES DRIVE FREIGHTS HIGHER
COALspot.com: The freight market has strengthen further this week with BDI up 7.19 pct week on week. The BDI was closed at 1,088 points while the B ...
Friday, 22 August 14
INDIAN IRON ORE ROYALTY RISE NOT LIKELY TO HURT STEELMAKERS' MARGINS - FITCH
Fitch Ratings does not expect an increase in India's iron ore royalty rates to have a major impact on the profitability of steel producers in t ...
Friday, 22 August 14
ARBITRATION CLAUSE IN LOU HELD TO REPLACE CHARTERPARTY ARBITRATION CLAUSE
KNOWLEDGE TO ELEVATE
The Claimants had claims for cargo damage against the vessel Owners arising under four bills of lading. The vessel was th ...
Friday, 22 August 14
ICAP ENERGY LAUNCHES GLOBAL COKING COAL DERIVATIVES TRADING
First contract completed and cleared on CME
COALspot.com: ICAP Energy, the energy business of ICAP plc, announces today that it has successful ...
Friday, 22 August 14
U.S WEEKLY COAL PRODUCTION UP 2.4% WEEK OVER WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.60 million short tons (mmst) of coal in ...
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- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- ASAPP Information Group - India
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Planning Commission, India
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
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