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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, 23 September 15
INDONESIA: NEW REGULATION APPLIES FINAL INCOME TAX TO MINERAL AND COAL SALES - FLORENCE GRACIA SANTOSO
To increase state revenue from the mining sector, the Government of Indonesia has imposed a new final income tax on any sale of mineral and coal, a ...
Tuesday, 22 September 15
1Q16 FOB INDONESIA COAL SWAP DECLINED 6.49 PER CENT M-M
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week.
The 4Q swap declined $ 2.29 (-5.42%) per t ...
Tuesday, 22 September 15
FOB RICHARDS BAY COAL SWAPS FALL CONTINUES
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined week over week and month over month.
The 4Q swap was down US$ ...
Monday, 21 September 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED HIGHER THAN Q2' 16 SWAP
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery increased $0.43 per ton (1.01%) month over month to US$ 42.95 per ton. The ...
Monday, 21 September 15
CFR SOUTH CHINA COAL SWAP GAINED WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 0.45 (0.90 %) per ton month over month.
A commodit ...
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- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- PTC India Limited - India
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- The University of Queensland
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
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