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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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Friday, 10 October 14
U.S. PRODUCED 83.2 MMST OF COAL IN SEPTEMBER, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.6 million short tons (mmst) of coal in ...
Thursday, 09 October 14
CAPESIZE MARKET HAS CONTINUED TO SHOW WEAKNESS - FEARNLEYS
Handy
We mentioned last week that after several weeks of rate increase for the Supras, the bigger Panamaxes started to snap up better paying Supr ...
Thursday, 09 October 14
SHIPPING REMAINS CHALLENGED AS GLOBAL GROWTH DISAPPOINTS - BIMCO
The global shipping industry finds no grace from much stronger economic activity going forward, as the global recovery remains fragile and uneven. ...
Wednesday, 08 October 14
CAPES RATE FOR THE W. AUSTRALIA TO CHINA VOYAGE MOVED TO BELOW $8/MT - INTERMODAL
The Dry Bulk market remained under pressure last week, with rates for Capes remaining on the red while those for Panamaxes managed to outperform th ...
Wednesday, 08 October 14
OIL COULD FALL TO USD80 BEFORE SHALE SUPPLY RESPONSE - FITCH
COALspot.com: Brent oil could fall as low as USD80 a barrel before triggering a self-correcting supply response with shale-oil drillers cutting inv ...
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- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- PTC India Limited - India
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
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