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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, 12 October 15
DRY BULK SHIPPING: MARKETS ARE SLOWLY IMPROVING FROM A VERY LOW LEVEL AS THE DEMAND SIDE FALTERS - HELLENIC SHIPPING NEWS
The dry bulk market is in the midst of a shift in demand patterns, which coupled with a tonnage supply overhang, has been facing headwinds over the ...
Monday, 12 October 15
BDI WEIGHED DOWN BY CAPE
COALspot.com: The BDI (Baltic Dry Index) has come back down again this week. The BDI is a benchmark index used to assess the overall cost of moving ...
Sunday, 11 October 15
TANKER SHIPPING: MORE OPTIMISM IN SIGHT FOR TANKERS IN THE WINTER SEASON - BIMCO
Demand:
2015 has been the year of the tanker. The fundamental improvements with slow supply-side growth for some years coupled with low oil pri ...
Friday, 09 October 15
US WEEKLY COAL OUTPUT UP 1.2 PERCENT TO 17.7 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.7 million shor ...
Thursday, 08 October 15
CAPESIZE: MOST PEOPLE AGREE A SPIKE IN RATES WILL HAPPEN; WHEN, HOW LONG AND HOW SUBSTANTIAL? - FEARNLEYS
Cape
Depressives start of the fourth quarter, with c3 approaching USD 12 pmt and c5 presently in the mind 5's. According to Fearnleys ship br ...
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- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
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