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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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Wednesday, 07 October 15
U.S. COAL EXPORTS FOR THE FIRST SEVEN MONTHS DOWN 21 PER CENT COMPARED WITH THE SAME PERIOD IN 2014 - EIA
Coal Supply
Lower U.S.’s domestic coal consumption and reduced exports contribute to a forecast decline of 89 million short tons (M ...
Wednesday, 07 October 15
SHIPPING MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2015 and more specifically during the summer season has been rather remarkable. 421 v ...
Wednesday, 07 October 15
INDONESIA COAL SWAPS HAVE CONTINUED TO DECLINE, FALLING ALMOST 7% M-M
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 2.23 (-5.51%) per t ...
Tuesday, 06 October 15
THE IMPACT OF LOW OIL PRICE ON THE SHIPPING INDUSTRY - LITERATED
The fall in global oil prices over the last one year has been beneficial to the shipping industry. The demand for oil tankers has picked up and the ...
Tuesday, 06 October 15
FOB RICHARDS BAY COAL SWAPS PLUNGE MORE THAN 6 PER CENT M-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 declined week over week and month over month.
The Q4 swap was down US$ ...
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- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Australian Coal Association
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
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