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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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Wednesday, 16 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
Wake me up when September ends - Theodore Ntalakos
Since last September most thought that the worst was behind us. It looks like the market de ...
Tuesday, 15 July 14
INDONESIA'S TOTAL COAL PRODUCTION REACHED ANOTHER HIGH DURING THE FIRST SIX MONTHS; GOVERNMENT EXPECTED TO RAISE ROYALTIES
COALspot.com: Indonesia's total coal production reached 213 million tons during January through June, up by 7.6 percent y-o-y. Coal output in I ...
Monday, 14 July 14
THE END OF THE ERA OF HEAVY FUEL OIL IN MARITIME SHIPPING - ICCT
KNOWLEDGE TO ELEVATE
Since the 1960s, heavy fuel oil (HFO) has been the king of marine fuels. Viscous, dirty, yet inexpensive and widely avail ...
Monday, 14 July 14
SGX SUB-BIT FOB INDONESIA COAL SWAP FOR Q4' 14 DELIVERY CLOSED AT $ 54.80
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 14 July 14
SGX CFR SOUTH CHINA COAL SWAP FOR Q3' 14 LOST 17.29% SINCE EARLY JANUARY 2014
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. API 8 CFR South China Coal swap for delivery in Q3 drops U ...
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- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Mercator Lines Limited - India
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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