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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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Thursday, 29 October 15
Q2' 16 FOB INDONESIA COAL SWAP CLOSED US$ 37.40 PER TON; DECLINED 5.56 PER CENT M-M
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 2.13 (-5.34%) per t ...
Wednesday, 28 October 15
Q2'16 FOB RICHARDS BAY COAL SWAP SEES FURTHER DECLINES
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gained week over week and declined month over month.
The Q4 swap was d ...
Wednesday, 28 October 15
BDI INCREASE TOOK PLACE SOLELY ON THE BACK OF CAPESIZE PERFORMANCE, BUT........ - INTERMODAL
COALspot.com: The Dry Bulk market closed off the week noting a small improvement which nonetheless failed to lift sentiment, not only because ...
Tuesday, 27 October 15
Q1'16 API 5 FOB NEWCASTLE COAL SWAP DECLINE 6 PER CENT M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $2 per ton (4.66%) month over month to US$ 40.93 per ton. The swa ...
Monday, 26 October 15
PORT OF NEWCASTLE SHIPPED 10.5 PER CENT LESS COAL IN SEPTEMBER, COMPARED TO AUGUST LOADING
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.161 billi ...
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- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
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