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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, 13 August 15
THE RATES FOR CAPES KEPT RALLYING LAST WEEK - INTERMODAL
COALspot.com: Strong Capesize performance kept supporting the Dry Bulk market last week, which noted another positive weekly closing, while rates f ...
Thursday, 13 August 15
FOB RICHARDS BAY COAL SWAPS CONTINUE FALLING
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$ ...
Wednesday, 12 August 15
DRY BULK MARKET: WITHOUT A DOUBT REACHED HEALTHIER LEVEL
A few weeks before the end of the summer season, the BDI is hovering around 1,200 points, providing some much needed optimism to all Dry Bulk marke ...
Wednesday, 12 August 15
REGULATION CURBS POWER OF LOCAL AUTHORITIES IN MINING SECTOR IN INDONESIA - FLORENCE G. SANTOSO
The Indonesian Government appears to be getting serious about stripping Regents of the authority to issue mining licenses. The Government took the ...
Wednesday, 12 August 15
FOB NEWCASTLE COAL SWAP FLAT WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 0.98 per MT (-2.20%) month over month to US$ 43.65 per mt. The swap ...
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- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Economic Council, Georgia
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Planning Commission, India
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Minerals Council of Australia
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
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