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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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Saturday, 27 September 14
MORE COAL MINERS AGREE TO AMEND CONTRACTS - THE JAKARTA POST
The Energy and Mineral Resources Ministry is in a rush to beat a deadline for the conclusion of numerous memorandums of understanding (MoUs) with t ...
Friday, 26 September 14
INDIA SUPREME COURT RULING TO HIT STEEL, UTILITY EARNINGS, SAYS FITCH
COALspot.com: The 24 September Supreme Court of India (SCI) decision to cancel almost every coal block allocation since 1993 will have a negative f ...
Friday, 26 September 14
U.S WEEKLY COAL PRODUCTION FELL 1.8% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.80 million short tons (mmst) of c ...
Friday, 26 September 14
ORACLE SIGNS EPC FRAMEWORK AGREEMENT WITH SEPCO FOR COAL MINE AND POWER PLANT IN PAKISTAN
COALspot.com: Oracle Coalfields PLC, the UK developer of a lignite coal mine and power plant in the south-eastern Sindh Province, Pakistan, has ann ...
Friday, 26 September 14
NEWCASTLMAXES ARE THE MOST SOUGHT AFTER VESSELS BY SHIP OWNERS TODAY SAYS VESSELS VALUE
KNOWLEDGE TO ELEVATE
Determining a ship’s fair value can be a very tricky business, especially when you’re the one paying. As such ...
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- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- White Energy Company Limited
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
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