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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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Saturday, 31 October 15
ADARO ENERGY'S CORE EARNINGS DECLINE 21 PER CENT FOR THE NINE MONTHS PERIOD TO SEPTEMBER 2015
COALspot.com: Adaro Energy's core earnings decline 21% to US$228 Million for first 9months of this year compared to the same period last year. ...
Friday, 30 October 15
INDONESIA'S COAL EXPORTS DROP ON LOW PRICES - THE JAKARTA POST
Indonesia's coal exports significantly dropped in the first nine months of the year as coal companies continued to suffer from low prices in ad ...
Friday, 30 October 15
CHINESE MINERAL IMPORTS: MOVING ON FROM INDONESIA? - CLARKSONS
China has accounted for almost 90% of global imports of nickel ore and bauxite in recent years and was therefore heavily hit by the Indonesian mine ...
Friday, 30 October 15
COAL PRODUCTION IN THE UNITED STATES INCREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.5 million shor ...
Thursday, 29 October 15
IRAN'S RETURN TO OIL MARKETS WILL HAVE TEMPERED IMPACT FOR THE TANKER SHIPPING INDUSTRY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While many analysts appear to be fearful of a potential incremental rise in tanker ships’ supply, as a result of the imminent return of Iran ...
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- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
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