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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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Monday, 03 August 15
NEWCASTLE COAL SWAPS DECLINE FURTHER THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 1.92 per MT (-4.22%) month over month to US$ 43.58 per mt. The swap ...
Monday, 03 August 15
CFR SOUTH CHINA COAL SWAPS SLIDE THIS WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.64 (3.14%) per MT month over month.
A commodity swap ...
Sunday, 02 August 15
CAPESIZE RATES PUSH BDI UPWARD
COALspot.com: The freight market was buoyant this week as BDI rose 4.14 pct to 1131 points. The cape index was also increased 16.50 pct 2209 points ...
Saturday, 01 August 15
DRY BULK MARKET KEEPS ITS MOMENTUM, AS OUTLOOK IMPROVES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Although conditions remain more than challenging, especially from an economic point of view (aka China’s stock worries), the dry bulk market ...
Friday, 31 July 15
CAPE'S PAPER MARKET REMAINS FIRM - INTERMODAL
COALspot.com: The positive sentiment that the Dry Bulk market has been enjoying as of the previous month, was carried through last week as well, bu ...
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- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Parliament of New Zealand
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
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