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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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Monday, 26 October 15
CFR SOUTH CHINA COAL SWAPS CLOSE DOWN 4.3% AS DEMAND CONCERNS WEIGH
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down just US$ 1.48 (3.02 %) per ton month over month.
A commodity sw ...
Sunday, 25 October 15
ANOTHER DISAPPOINTING WEEK FOR PANAMAX; INDEX FELL 5.4 PERCENT W-W
COALspot.com: The BDI was slightly up by 2.65 pct closing at 774 points mainly because of Cape index which was up by 10.85 pct closing at 1461 poin ...
Sunday, 25 October 15
DRY BULK SHIP OWNERS ARE LOOKING TO CHINA'S POLICIES FOR CUES ON FUTURE MARKET DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China’s hard or softer landing is a thing which has troubled dry bulk shipping for a couple of years now, as owners have been hit by the coun ...
Friday, 23 October 15
WILL INDIAN DOMESTIC COAL PRICES BE ABLE TO COMPETE IMPORTED COAL PRICES IF THE CURRENT TREND CONTINUES?
COALspot.com: The Most of the Indian end-users are waiting for last minute purchase to enjoy every drop in price. Coal procurement managers are als ...
Friday, 23 October 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING OCTOBER 17 DECLINED FOR THE SECOND STRAIGHT WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.6 million shor ...
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- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- The University of Queensland
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
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