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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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Thursday, 01 October 15
SOUTH KOREA'S KOMIPO SEEKS SPOT BITUMINOUS COAL SUPPLIES
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 265,000 Metric Tons (MT) of minimum 4,600 kcal ...
Wednesday, 30 September 15
Q1'16 FOB INDONESIA COAL SWAP FALLS $1.25 A TON AS SLIDE CONTINUES
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 0.72 (-1.78%) per t ...
Wednesday, 30 September 15
NEW BUILDING MARKET INSIGHT
COALspot.com: This year has been, beyond any doubt, a rather strenuous one for the newbuilding market. Ordering activity with regards to Dry Bulker ...
Tuesday, 29 September 15
FOB RICHARDS BAY COAL SWAPS ARE SLIDING
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$ ...
Monday, 28 September 15
API 5 FOB NEWCASTLE COAL SWAPS UP $2.15 IN ONE MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery increased $2.10 per ton (5.15%) month over month to US$ 42.93 per ton. The ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- The University of Queensland
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- The Treasury - Australian Government
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