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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, 03 September 15
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO REVISE HBA METHODOLOGY
COALspot.com: Ministry of Energy and Mineral Resources (ESDM) in process to revise Indonesian Coal Price Reference (HBA) and expected to complete b ...
Thursday, 03 September 15
THE CHINESE STOCK MARKET AND THE CHINESE ECONOMY CONTINUE TO SUBSTANTIALLY AFFECT TRADING - INTERMODAL
The last week of the summer season saw the BDI dipping further on the back of another significant drop in rates for Capes, which brought the market ...
Wednesday, 02 September 15
PORT OF NEWCASTLE SHIPPED 13.46 MMT OF COAL IN JULY; UP 0.66 PER CENT M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.224 billi ...
Wednesday, 02 September 15
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
In the beginning of the summer period SnP activity was firm with numerous buyers, coming mainly from Greece and the Far East, inspecting ships and ...
Tuesday, 01 September 15
FOB INDONESIA COAL SWAPS FURTHER SLIDE TO US$ 40.62 PMT; DECLINE 5.34 PERCENT M-O-M
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and slightly dropped week over week.
The 4Q swap was declined ...
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- Economic Council, Georgia
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- The University of Queensland
- Posco Energy - South Korea
- McConnell Dowell - Australia
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
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