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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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Friday, 07 August 15
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 528.1 MMST; DOWN 8.7% Y/Y - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.7 million shor ...
Thursday, 06 August 15
THE RATES FOR CAPES SHOOT UP LAST WEEK; GIVING THIS RECENT RALLY SOME MUCH NEEDED LEGS - INTERMODAL
COALspot.com: The Dry Bulk market noted another positive closing last week, entirely supported by Capesize performance, which managed to balance th ...
Thursday, 06 August 15
HARD COAL AND COKE IMPORTS TO GERMANY REACH NEW ALL-TIME HIGH OF 56.2M TONES IN 2014
Demand for German and imported hard coal In 2014, in 2014 fell by almost 8%, or 4.8m TCE, to 56.2m TCE.
According to German Coal Importer ...
Thursday, 06 August 15
SEABORNE WORLD TRADE IN STEAM COAL GROWS BY 3% YOY - GERMAN COAL IMPORTER ASSOCIATION
Global trade with hard coal, at 1,272m tones in 2014, increased by 35m tonnes or 3% in comparison with the previous year.
According to associa ...
Wednesday, 05 August 15
SHIPPING MARKET INSIGHT - KATERINA RESTIS
On July 14th, 2015 a historical consensus was reached in Vienna between Iran and the five permanent members of the U.N. Security Council, plus Germ ...
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- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Posco Energy - South Korea
- Marubeni Corporation - India
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- The University of Queensland
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
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