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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, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
Monday, 28 July 14
Q3' 14, SUB-BIT FOB INDONESIA COAL SWAP GAINED $ 0.08 DAY ON DAY AND $ 0.68 WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 increased by just US$ 0.08 day on day and US$ 0.68 week on week. The swap was lost U ...
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Showing 3571 to 3575 news of total 6871 |
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- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- GMR Energy Limited - India
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