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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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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” ...
Tuesday, 07 October 14
TAIPOWER TO IMPORT 525K MT OF LOW ASH AND EXTRA LOW SULFUR SUB-BITUMINOUS COAL
COALspot.com: Taiwan Power Company intends to procure 525,000 metric tons of low ash and extra low sulfur sub-bituminous coal for Taipower thermal ...
Tuesday, 07 October 14
SUB-BIT FOB INDONESIA COAL SWAP SHOWS A FLAT TO WEAK TREND THIS PAST WEEK
COALspot.com: Indonesian coal swaps November 2014 delivery flat week on week and gained US$ 0.10 (-0.20%) per mt day on day. The swap also lost US$ ...
Tuesday, 07 October 14
THE RIO TINTO CONFIRMS THAT NO DISCUSSIONS ARE TAKING PLACE WITH GLENCORE
COALspot.com: The board of Rio Tinto notes the recent press speculation regarding a possible combination of Rio Tinto and Glencore.The Rio Tinto bo ...
Tuesday, 07 October 14
API 8 CFR SOUTH CHINA COAL SWAP HEADED SOUTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 1.10 (-1.64%) month over month and US$ 0.25 (-0.38%) ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Anglo American - United Kingdom
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Minerals Council of Australia
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Aditya Birla Group - India
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
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