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Thursday, 16 October 14
ARE WE GOING TO SHOOT OURSELVES IN THE FOOT ONCE AGAIN? - PANOS MAKRINOS
 As the East part of our globe was coming back from its October holidays last week, everyone expected that the Dry Bulk market would follow suit and maybe come out of its lethargy. Instead, the BDI moved below the 1,000 unit mark, a level which has been the psychological market barrier for the past couple of years, and started drawing up a completely different picture for dry bulkers compared to the one we see on the wet side and more specifically the crude sector, said Panos Makrinos, SnP Broker of Intermodal.
The broker further said, dry bulk asset prices keep dropping, expectations look dimmer by the day and new building prices are probably the only indicator in the sector still displaying some sort of resistance refusing to adjust accordingly to this new reality. In addition to the current order book, Vale seems to have finally cracked the "code" for entering its gigantic ships to the Chinese shores and the fate of coal exports to China are currently a big question mark following the new standards set by the government there. Optimism for a stronger Q4 has given its way to panic about next year's outlook and in many cases it feels like we are once again being overrun by sentiment. What's there to look forward to?
According to Intermodal, sale and purchase activity has been at healthy levels and -despite the large number of candidates- the market has remained highly liquid with a wide range of buyers for all sizes and age groups. Demo prices are very strong and activity is finally picking up to reflect the rising need for tonnage exiting the market. Prices for prompt re-sales are in par with new building prices after a long time and vessels being delivered now have little or zero differences from the designs that yards are marketing for construction. These facts along with the rising finance gap that has been widening throughout the year as private equity started to distance itself from shipping should provide enough disincentives for new orders going forward. Isn’t this the perfect storm that counter-cyclical investors are looking for?
Commenting on tankers, Intermodal said, on the other side of the fence, tankers are displaying a much rosier picture. The M/T Ariadni (166,000dwt - blt 2009) is being reported sold for a very solid USD 56.5m and analysts are becoming increasingly optimistic about the outlook of the crude market, commenting on the low order book and rising demand for higher ton-mile cargo movements. Sale and purchase activity is steadily rising and asset values across all sizes are beating last done values every time. The New building market is also experiencing this euphoria with prices picking up at least 5% within weeks, completing an image very different to the one during the first quarter of the year.
What has changed? Are we going to shoot ourselves in the foot once again? Hopefully market pundits will understand that this long-awaited improvement has been achieved due to the entire sector patiently and painfully working towards a healthier equilibrium and we will avoid making the “recent” mistakes of other sectors...
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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Sunday, 02 November 14
CAPE INDEX WAS UP 46.65% WEEK ON WEEK
COALspot.com: The BDI and Cape index continued the strong upward trend this week. The BDI was up 19.80 pct and Cape index was up by 46.65 per ...
Friday, 31 October 14
BUKIT ASAM'S NET PROFIT ROSE 27.42% FOR THE PERIOD JANUARY - SEPTEMBER 2014
COALspot.com: Publicly listed coal miner Bukit Asam reported solid profits in the first nine months of 2014 year.
Coal miner Bukit Asam manage ...
Friday, 31 October 14
U.S PRODUCED AROUND 19.3 MMST OF COAL IN A WEEK
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.3 million short tons (mmst) of coal in ...
Thursday, 30 October 14
COAL & GRAINS SUPPORT PANAMAX AND IRON ORE SUPPORTS CAPES
Handy
The Atlantic market has been flat this week. Rates are up about US$ 200 from last week on the TA´s, but the volumes are about the sam ...
Thursday, 30 October 14
DOES A LOU ARBITRATION AGREEMENT FOR THE UNDERLYING CARGO CLAIM COMPLETELY REPLACE THE BILL OF LADING ARBITRATION CLAUSE? - INCE &CO
KNOWLEDGE TO ELEVATE
In the context of cargo claims brought under four bills of lading, the Commercial Court has recently considered whether a ...
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- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Minerals Council of Australia
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
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