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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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- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- The University of Queensland
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Thai Mozambique Logistica
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- PTC India Limited - India
- London Commodity Brokers - England
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
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