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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, 01 October 14
ASIAN THERMAL COAL PRICES TO REMAIN WEAK ON OVERSUPPLY - FITCH
COALspot.com: The thermal coal market in Asia will remain oversupplied in the next 12 months, in spite of on-going rationalisation of production, a ...
Wednesday, 01 October 14
PANAMAXES: DEFENSIVE, STRUGGLING TO KEEP ANY FURTHER DECREASES - INTERMODAL
COALspot.com: The Dry Bulk market seemed unable to shake off the trend of the week prior and the BDI remained on a downward slope for the bigger pa ...
Wednesday, 01 October 14
FITCH: GLOBAL ECONOMY FACES MULTI-SPEED RECOVERY, MULTIPLE RISKS
Fitch Ratings says in its latest Global Economic Outlook (GEO) that global growth will pick up in 2015 and 2016, but risks are weighted to the down ...
Tuesday, 30 September 14
COALVIEW TO PARTICIPATE AT MET COKE WORLD SUMMIT 2014 IN CHICAGO
COALspot.com: Coalview Ltd., LLC(“Coalview”) America's leading fully integrated coal technology and fine coal recovery company prov ...
Monday, 29 September 14
INDONESIAN COAL EXPORT VOLUME FALL IN AUGUST
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
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- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Australian Coal Association
- VISA Power Limited - India
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
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