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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, 18 July 14
3RD CHINA INTERNATIONAL SHALE GAS SUMMIT
Building on the massive success of the past 2 shale gas programs that has generated huge success by attracting 500+ industry players, and intrig ...
Friday, 18 July 14
US WEEKLY COAL PRODUCTION UP BY 1.4% TO 18.3 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.3 million short tons (mmst) of coal in a ...
Thursday, 17 July 14
PANAMAX : MARKET HAS COOLED DOWN AGAIN TO LOW AND DEPRESSED LEVELS
Handy
The supra market remains pretty flat in the Atlantic while for the smaller sizes there has been little reported with ships chasing business ...
Thursday, 17 July 14
INDIAN GOVERNMENT WISE TO TAKE ADVANTAGE OF CURRENTLY LOW THERMAL COAL PRICES AND SHIPPING RATES - JEFFREY LANDSBERG
With thermal coal import prices (and also shipping rates) very low at present, India's government would be very wise to take advantage of curre ...
Wednesday, 16 July 14
INDIA BUDGET HAS LIMITED SHORT TERM IMPACT ON POWER SECTOR - FITCH RATINGS
Fitch Ratings says that the measures announced relating to India's electricity sector in the budget for FY2015 are directionally correct but in ...
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- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
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- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- White Energy Company Limited
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- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
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- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
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- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
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- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
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- Indogreen Group - Indonesia
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- Sarangani Energy Corporation, Philippines
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- Kapuas Tunggal Persada - Indonesia
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- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- PTC India Limited - India
- The Treasury - Australian Government
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- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
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- Semirara Mining Corp, Philippines
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- Indonesian Coal Mining Association
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- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Australian Coal Association
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
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- India Bulls Power Limited - India
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- Directorate General of MIneral and Coal - Indonesia
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- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
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- Economic Council, Georgia
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- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
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- Australian Commodity Traders Exchange
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