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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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Wednesday, 05 August 15
COAL CONSUMPTION POSTED THE STRONGEST GROWTH AMONG THE FOSSIL ENERGY SOURCES IN 2014 - VDKI
Coal 2014: again the world's fastest-growing primary energy source and an indispensable asset for the success of the energy turnaround.
Ac ...
Wednesday, 05 August 15
FOB INDONESIA THERMAL COAL SWAPS FALL
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week, this past week.
The 4Q swap was declined $ ...
Wednesday, 05 August 15
DRY BULKER PRICES START TO FIRM UP AS MARKET SENTIMENT IMPROVES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Market pessimism in the dry bulk industry, a trend which had established itself over the course of the year, has started to fade away over the past ...
Tuesday, 04 August 15
FOB RICHARDS BAY COAL SWAPS CONTINUE TO FALL DUE TO SLIDING DEMAND
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, 04 August 15
SHIPPING CYCLES - A CHESS GAME YOU DON'T WANT TO LOSE - CLARKSONS
Ingmar Bergman’s classic movie The Seventh Seal is about a knight who, during the Black Death, challenges Death to a chess match, in the hope ...
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- The University of Queensland
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Parliament of New Zealand
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Economic Council, Georgia
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
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