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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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Wednesday, 13 August 14
WEEKLY MARKET INSIGHT - KONSTANTINOS KONTOMICHIS SNP BROKER
Being at the peak of the holiday season, August is, as usual, the quietest month in terms of snp transactions, yet it is also a time very critical ...
Wednesday, 13 August 14
WHAT DOES PROJECT CARGO REALLY MEAN TO INSURERS?
KNOWLEDGE TO ELEVATE
Richard Kamppari-Baker, claims manager of FP Marine Risks, explains the challenges of project cargo risk assessment from ...
Wednesday, 13 August 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN CLOSE TO 57 MONTHS LOWS
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price in August. HBA for the month of A ...
Monday, 11 August 14
LARGEST CHINESE TRADE SURPLUS EVER RECORDED IN JULY - BIMCO
China recorded a trade surplus of USD 47.3 billion in July 2014. The record high surplus came on the back of very strong export growth while import ...
Monday, 11 August 14
INDONESIAN THERMAL COAL SWAPS SEEING SOME POSITIVE TREND
COALspot.com: Indonesian coal swaps for average September 2014 increased US$ 0.20 (+0.36%) day on day and US$ 1.30 (+2.41%) per mt week on week. Th ...
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- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Indika Energy - Indonesia
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
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