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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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Sunday, 18 October 15
THE BDI AND OTHER INDICES CLOSED OFF ON NEGATIVE NOTE THIS FRIDAY
COALspot.com: The BDI closed off on negative note this Friday compared to previous Friday's closing.
The BDI closed this Friday (16 Octobe ...
Friday, 16 October 15
MAJOR REVISION OF NYPE TIME CHAPTER PARTY - BIMCO
Major revision of NYPE time charter party promises to be both balanced and comprehensive
BIMCO has today jointly issued the first revision of ...
Friday, 16 October 15
FOB INDONESIA COAL SWAP FOR Q4'15 DELIVERY FLAT WEEK OVER WEEK; DOWN 5.5 PER CENT M-M
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and flat week over week.
The Q4 swap declined $ 2.23 (-5.51%) ...
Friday, 16 October 15
COAL PRODUCTION IN THE UNITED STATES DECREASED THIS WEEK; DOWN 11.3 PER CENT Y-Y, DOWN 3.5 PERCENT W-W
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.1 million shor ...
Friday, 16 October 15
INDONESIA REJOINING OPEC DESPITE BEING A NET IMPORTER OF PETROLEUM - EIA
The Organization of the Petroleum Exporting Countries (OPEC) notified Indonesia that it plans to accept the country's request to reactivate its ...
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- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
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