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Thursday, 17 September 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
 Having experienced, as it was much anticipated, a poor 1st half combined with negative forecasts, summer, in sharp contrast, proved to be more hopeful for Dry Bulk owners. Following several months of rates barely above or even below OPEX, bulk carriers started to enjoy better rates sometime in the beginning of July. In the 3rd quarter, charterers became admittedly more active, absorbed more units and provided healthier rates. Consequently, higher returns started covering operational costs and gave a huge relief to managing companies that in their majority were counting losses for a long period of time, during which the S&P market aligned with the freight market.
In February the modern Kamsarmax M/V Flora Island (Abt 81k dwt 2012 Blt Korea) was sold at $18.4 mill. Later in June, the M/V Miraero Brave (Abt 81k dwt 2012 Blt Korea) was sold at a shade lower, $17.8 mill, obviously due to the negative pressure exerted on rates at the time. However in July the BDI started correcting upward and the similar vessel M/V Asita Sun (Abt 81k dwt 2012 Blt Korea) was been fixed at $20.2 mill, followed by its near sister vessel M/V Pinchat (Abt 81k dwt 2012 Blt Korea), the sale of which took place in August at $21.5 mill.
During the last few weeks, market sentiment is changing over again with the BDI now moving well below the 1,000 point threshold. Is it only a matter of time before asset prices follow along? During 2015 so far the index fell to 509 points and bounced back to 1222 points in August. Yet, even within this volatile environment the price of a 2012 Kamsarmax vessel increased by 16%. Today the BDI is approaching 800 points.
Financial instabilities that prevail in the majority of the developed countries together with the macroeconomic troubles that the rest of developing economies are facing, has resulted in the weakening of global trade that is severely affecting the Dry Bulk market. The future remains unsure. The constant growth in production of commodities is not only ensuring ample supply but also attractive prices. As demand growth for some of these commodities is faltering due to slower global economic growth, concerns that tonnage supply, despite all the scrapping, might still be too much in the medium term, remain present.
While waiting for a definitive market recovery, these ups and downs at the bottom of the shipping cycle create great short-term buying opportunities. When someone who is deciding which sector to invest in, is thinking about the condition of the global economy, the “ocean” might still be one of the safer ones out there.
By Konstantinos Kontomichis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
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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Tuesday, 24 November 15
COAL PRICES SET TO REMAIN UNDER PRESSURE UNTIL 2016 DUE TO OVER SUPPLY GLUT; H1 '16 COAL SWAPS DOWN 13% M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $5 per ton (12.05%) month over month to US$ 36.50 per ton. The s ...
Monday, 23 November 15
NEGATIVE 2016 OUTLOOK FOR WESTERN EUROPEAN STEEL - SAYS FITCH RATINGS
COALspot.com: European steel in 2016 are both negative for the sector and for issuer ratings.
This reflects our expectation that import levels ...
Monday, 23 November 15
DRY BULK MARKET: NET FLEET GROWTH IS SLOWING DOWN, AS SHIP OWNERS ARE LOOKING FOR WAYS TO ALLEVIATING MARKET MELTDOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been in “meltdown” mode for a few weeks now, unable to find support and avoid the fall in historical lows. As s ...
Monday, 23 November 15
CS50 COAL INDEX CLOSED AT $40.27 PER TON; FELL 0.15% FROM LAST WEEK
COALspot.com: The 5700 GAR CS (i) coal index fell by US cents 3 per ton week over week on 20 November 2015. CS 57 (5700 GAR coal) index closed at U ...
Monday, 23 November 15
CFR SOUTH CHINA COAL SWAPS FALL FURTHER ON LOW DEMAND
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 6.75 (13.99%) per ton month over month.
A commodity swa ...
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- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
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