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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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Monday, 06 October 14
' COAL-BY-WIRE' FROM SUMATRA TO JAVA - THE JAKARTA POST
Coal from the island of Sumatra accounts for most of Indonesia’s low-grade lignite, a low-quality coal that receives a poor price in internat ...
Monday, 06 October 14
THE IRON ORE SHIPPING BUSINESS IS FACING SOME ROUGH SEAS - EAST ASIA FORUM
The impact of Chinese demand on global iron ore prices is well known. A less acknowledged consequence of China’s emergence is the transformat ...
Sunday, 05 October 14
BALTIC DRY INDEX SLIPS 1.14%; BALTIC PANAMAX INDEX GAINED 9.91% WEEK ON WEEK
COALspot.com: The BDI was down by 1.14 pct and closed at 1037 points this Friday.
The Cape index was down significantly week on week or lost 5 ...
Friday, 03 October 14
U.S. WEEKLY COAL PRODUCTION UP 5.8% TO 19.9 MMST
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.9 million short tons (mmst) of co ...
Thursday, 02 October 14
CAPESIZE - DULL AND WITHOUT MUCH DIRECTION AS IRON ORE AND COAL VOLUMES FAIL TO LIVE UP EXPECTATIONS
Handy
After the recent weeks´ rate increase in the Atlantic we see Panamaxes snapping up handymax and Supra cargoes at much lower levels, p ...
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- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Australian Coal Association
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- The University of Queensland
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- VISA Power Limited - India
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
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