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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, 22 September 14
CFR SOUTH CHINA COAL SWAPS LOST ON DAY, WEEK AND MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 3.10 (-4.50%) month over month and $ 0.95 PT MT week over ...
Monday, 22 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.35 (+0.69%) day on day and lost US$ 0.30 (-0.58%) per mt week on week. ...
Sunday, 21 September 14
CAPE INDEX LOST 17% W-O-W ; BALTIC DRY PLUNGES 106 POINTS
COALspot.com: This week the freight market softened a bit compared to last week.
BDI fell 8.97% week on week and closed BDI at 1075 points on ...
Friday, 19 September 14
U.S. WEEKLY COAL PRODUCTION RELATIVELY FLAT AT +0.1% - EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Friday, 19 September 14
PRICES FOR DRY BULK CARRIERS HAVEN'T CORRECTED ENOUGH, DESPITE LOWER THAN EXPECTED FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lot has been said and written about the looming dry bulk market recovery over the past few months. However, even if this hasn’t been materi ...
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- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- White Energy Company Limited
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Australian Coal Association
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
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