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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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Thursday, 16 October 14
PANAMAX OWNERS RECEIVE A PREMIUM FOR GOING TO INDIA VIA INDONESIA - FEARNLEYS AS
Handy
The Handy/Supra market continues to slide in both hemispheres, said Fearnleys AS in its latest week report. In the Atlantic we see rates co ...
Wednesday, 15 October 14
PANAMAX: ACTIVITY IN THE PACIFIC WAS UNIMPRESSIVE
The Dry Bulk market noted another weekly decline last week, while the BDI moved below 1,000 points taking down with it expectations that a post hol ...
Wednesday, 15 October 14
INDONESIAN COAL PRICE REFERENCE FELL TO FRESH MULTI-YEAR LOWS IN OCTOBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in October 2014.
...
Wednesday, 15 October 14
DRY BULK SHIPPING: RATE IMPROVEMENTS ARRIVED AS FORECAST, BUT UNCERTAINTY MOUNTS FOR 2015 DEMAND - BIMCO
BIMCO released its latest short term assessment of the dry bulk market, estimating that over the October-November period, the level of Capesize TC ...
Wednesday, 15 October 14
SHIPOWNER NOT LIABLE FOR CARGO DAMAGE RESULTING FROM POOR STOWAGE - CLYDE & CO
KNOWLEDGE TO ELEVATE
Russian metal trading company Yuzhny Zavod Metall Profil (YZMP), the holder of a CONGEN 1994 bill of lading, took delivery o ...
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- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
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