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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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Friday, 08 August 14
U.S PRODUCED 35.80 MMST OF COAL IN JULY; UP 7.89 MONTH OVER MONTH
COALspot.com – United States the world's second largest coal producer, produced approximately 19.50 million short tons (mmst) of coal in ...
Friday, 08 August 14
PORT OF NEWCASTLE SHIPPED 19.52% MORE COAL IN JULY FROM LAST MONTH
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped 14,036,947 t ...
Thursday, 07 August 14
SHORT-TERM COAL OUTLOOK IMPROVES - SAM QUEST
With demand for and supply of coal to grow in the near future, prices are expected to rebound in the short term; the long-term prospects, however, ...
Thursday, 07 August 14
BULKING UP IN AFRICA: CHINA INFLATES SEABORNE MINERALS EXPORT TRADE - RICHARD SCOTT
Africa’s profile as an exporter of dry bulk commodities is rising. Responding to growing import demand from China, India and other buyers in ...
Wednesday, 06 August 14
CAPES: BUSINESS INTEREST REMAINS SOFT; CURRENTLY NO SIGNS OF IMPROVEMENT - INTERMODAL
COALspot.com: Despite the considerable pressure witnessed in the freight market for most of the size segments, the Dry Bulk Index was able to note ...
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- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
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