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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, 05 October 15
Q1 & Q2 2016 DELIVERY SWAPS DECLINED M-M AND W-W THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $0.36 per ton (0.85%) month over month to US$ 42.12 per ton. The ...
Monday, 05 October 15
Q1' 16 CFR SOUTH CHINA COAL SWAP CLOSED US$ 48.05 PER TON
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down US$ 0.47 (0.96 %) per ton month over month.
A commodity swap is ...
Monday, 05 October 15
SMALL DECLINE IN 2014 SHIP OPERATING COSTS - MOORE STEPHENS
Total annual operating costs in the shipping industry fell by an average of 0.8% in 2014. This compares with the 0.3% average fall in costs recorde ...
Sunday, 04 October 15
THE INDO-INDIA FREIGHT MARKET REMAINS UNDER PRESSURE
COALspot.com: The BDI closed on Friday (2 Oct 2015) at 889 points, down by 54 points compared to previous Friday's closing ( 24 Sept 2015) of 9 ...
Friday, 02 October 15
COAL PRODUCTION IN THE UNITED STATES DECREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.5 million shor ...
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- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- The University of Queensland
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- White Energy Company Limited
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Planning Commission, India
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
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