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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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Tuesday, 01 September 15
FOB RICHARDS BAY COAL SWAPS STILL SLIDING; Q2'16 DELIVERY LOST AROUND 6 PERCENT M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 gain week over week but declined month over month.
The 4Q swap was dow ...
Monday, 31 August 15
API 5 FOB NEWCASTLE COAL SWAP GAINS WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 1.85 per MT (-4.23%) month over month to US$ 41.87 per mt. The swap ...
Monday, 31 August 15
Q1'16 CFR SOUTH CHINA COAL SWAP ENDS DOWN MORE THAN 4 PERCENT MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.91 (3.78%) per MT month over month.
A commodity ...
Sunday, 30 August 15
THE DRY BULK MARKET UNDOUBTEDLY REMAINS WEAK & VOLATILE THIS WEEK
COALspot.com: The BDI slipped further down this week, moving closer to 900 level. This week’s BDI falls 9.15 pct and closed at 903 points. Wh ...
Friday, 28 August 15
DRY BULK SHIP OWNER OPTIMISTIC ABOUT FUTURE PROSPECTS OF THE MARKET: NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk ship owner Golden Ocean appeared optimistic on the long term prospects of the dry bulk market, mainly thanks to an expected resolution of ...
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- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Planning Commission, India
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- VISA Power Limited - India
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- PTC India Limited - India
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- MS Steel International - UAE
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
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