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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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Wednesday, 06 August 14
SHIPPING MARKET INSIGHT - EVA TZIMA
Recent reports that Indonesia’s ban on exports of metal ore concentrates was lifted for the first time in six months for two of its biggest m ...
Wednesday, 06 August 14
SGX SUCCESSFULLY LAUNCHED NEW SGX COAL PRODUCTS
COALspot.com: Singapore Exchange (‘SGX’) has announced that, the exchange has successfully launched its new Coking and Thermal Coal pro ...
Monday, 04 August 14
ANNUAL SECOND HALF SURGE IN BRAZILIAN IRON ORE EXPORTS ABOUT TO BEGIN - JEFFREY LANDSBERG
COALspot.com: Great strength in the capesize market has all along been set to occur during the second half of this year, as that is when Brazilian ...
Monday, 04 August 14
SUB-BIT FOB INDONESIA COAL SWAP INCHES UP DESPITE LOW DEMAND
COALspot.com: Indonesian coal swaps for average Q4’ 2014 increased US$ 0.15 day on day and US$ 0.13 per mt week on week. But, the swap was lo ...
Monday, 04 August 14
Q1' 15 API 8 CFR SOUTH CHINA COAL SWAP CLOSED AT US$ 69.37 ON 1 AUGUST 2014; A $ 1.10 HIGHER COMPARED TO Q4' 2014 CLOSING
COALspot.com: Coal swap prices are showing a positive move upward this past week. API 8 CFR South China Coal swap for Q4, Q1 and Q2 2015 show ...
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- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
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