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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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Wednesday, 11 November 15
Q3' 16 RICHARDS BAY COAL SWAP LOST 15.47% SINCE 6 AUGUST; 18.65% SINCE 6 MAY
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 declined week over week and month over month.
The Q1’ 2016 &nb ...
Wednesday, 11 November 15
VESSEL VALUES ARE DOWN BY AT LEAST 20% SINCE MID-AUGUST - INTERMODAL
I had promised not to spend another broker’s insight focusing on the dry bulk side. However, the sale of the M/V Churchill Bulker (179,362 dw ...
Tuesday, 10 November 15
SELF-HEATING OF COAL HAS EMPHASISED THE IMPORTANCE OF CHECKING THE ACCURACY OF SHIPPER'S DECLARATIONS - GARD
Recent incidents involving self-heating of coal has emphasised the importance of checking the accuracy of shipper’s declarations for all type ...
Tuesday, 10 November 15
API 5 FOB NEWCASTLE COAL SWAP SLIDES CONTINUE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $3.55 per ton (8.50%) month over month to US$ 38.20 per ton. The swap ...
Monday, 09 November 15
BUNKER PRICES TO KEEP SLIDING THIS WEEK, EXPERT SAYS - MARINE BUNKER EXCHANGE
The oil price volatility has continued this week. Two dollars up one day and the next day two dollars down. The oil market has been trading on the ...
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- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- PTC India Limited - India
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
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