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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, 03 November 15
API 5 FOB NEWCASTLE COAL SWAPS DECLINE CONTINUES
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery slid $1.84 per ton (4.34%) month over month to US$ 40.54 per ton. The swap ...
Tuesday, 03 November 15
EU OIL MAJORS FACE FURTHER EARNINGS DECLINE IN Q415 - FITCH RATINGS
The sharp drop in major European oil companies' third-quarter profits is likely to be extended in the fourth quarter as refining margins, which ...
Monday, 02 November 15
DESPITE CHALLENGING MARKET CONDITIONS, ADARO LOWERS COSTS, DEBT AND DELIVERS STRONG FREE CASH FLOW
COALspot.com: Despite challenging market conditions, Adaro lowers costs, lowers debt and delivers strong free cash flow.
The Indonesia’s ...
Monday, 02 November 15
CFR SOUTH CHINA COAL SWAPS CLOSED ON A WEAK NOTE
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.81(3.71 %) per ton month over month.
A commodity swap ...
Sunday, 01 November 15
THE FREIGHT MARKET SENTIMENT REMAINS WEAK
This week’s freight market sentiment remains weak compared to last week.
The Baltic Dry Index (BDI), an economic indicator issued daily ...
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- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- The University of Queensland
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
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