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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, 18 August 15
DRY BULK: MARKETS HAVE CONTINUED TO BE SEVERELY CHALLENGED - CLARKSONS
The dry bulk markets have continued to be severely challenged with freight rates falling during the period to below operating expense. The Baltic D ...
Tuesday, 18 August 15
1Q'16 FOB RICHARDS BAY COAL SWAP FALLS BELOW $54 A TON
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined month over month and week over week.
The 4Q swap was down US$ ...
Tuesday, 18 August 15
2Q' 16 FOB NEWCASTLE COAL SWAP CLOSED AT $43 PER MT W/E 14 AUGUST
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 1.08 per MT (-2.46%) month over month to US$ 42.82 per mt. The swap ...
Monday, 17 August 15
TROUBLED DRY BULK MARKET FACES TURMOIL AS CHINESE COAL IMPORTS REMAIN WEAK - BIMCO
The demand for coal in China continues to diminish. So much in fact that India is expected to succeed China as the world’s largest imp ...
Monday, 17 August 15
INDONESIAN THERMAL COAL REFERENCE PRICE HITS RECORD LOW AGAIN!
COALspot.com - The Director General of Mineral and Coal of Indonesia revised down Indonesian coal benchmark price once again to US$ 59.14 per MT fo ...
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- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- PTC India Limited - India
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
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