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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, 25 August 15
INDONESIA MINERS' NPLS TO RISE FURTHER, BANK RISKS BUILD - FITCH
The NPLs of Indonesian mine and mine services companies are likely to rise further in the short term, says Fitch Ratings, after reaching multi-year ...
Tuesday, 25 August 15
MINER'S EARNINGS DROP ON FALLING COAL PRICES; Q2'16 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 52.23 A TON
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined month over month and week over week.
The 4Q swap was down US$ ...
Monday, 24 August 15
FOB NEWCASTLE COAL SWAPS HIT FRESH LOW, DIPPING BELOW $42 A TON
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 2.20 per MT (-5.01%) month over month to US$ 41.70 per mt. The swap ...
Monday, 24 August 15
Q1'16 CFR SOUTH CHINA COAL SWAP CLOSED AT $ 48.65 PMT
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.89 (3.74%) per MT month over month.
A commodity ...
Monday, 24 August 15
IS CHINA'S STEEL EXPORTS ENOUGH TO SUPPORT THE FREIGHT MARKET? - BIMCO
No, it’s not enough, you will need lower Chinese iron ore production too in order to keep growing imports of iron ore into China that will su ...
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- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Australian Coal Association
- Central Electricity Authority - India
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- The University of Queensland
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
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