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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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Monday, 28 July 14
S. KOREA'S KOSPO SEEKS 148K T OF 4700 NAR COAL
COALspot.com: Korea Southern Power Co Ltd (KOSPO) is seeking 148,000 tonnes of 4,700 kcal/kg NCV steaming coal for shipment between October to Nove ...
Monday, 28 July 14
CFR SOUTH CHINA COAL SWAP SLIGHTLY UP WEEK ON WEEK
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. The swap for Q3, Q4 and Q1 2015 showing slight improvement ...
Sunday, 27 July 14
RAMADAN HOLIDAYS IN INDONESIA PUTTING PRESSURE ON CHARTER RATES FROM INDONESIA - VISTAAR INDIA
COALspot.com: The freight rates were almost steady as very slight improvement in BDI by about 1 pct. The BDI was at 739 points after improvin ...
Saturday, 26 July 14
COAL MINING COMPANIES CLOSED TEMPORARILY - THE JAKARTA POST
The Sarolangun regency administration in Jambi has suspended the operations of 10 coal mining companies in line with a circular issued by Regent Ce ...
Friday, 25 July 14
U.S WEEKLY COAL PRODUCTION UP AROUND 3.5% WEEK ENDED JULY 19
COALspot.com – United States the world's second largest coal producer, produced approximately 19.00 million short tons (mmst) of coal in ...
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- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Planning Commission, India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- The University of Queensland
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
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