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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, 31 July 15
COAL PRODUCTION IN THE U.S. UP 3.6% FOR THE WEEK ENDING JULY 25
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.8 million shor ...
Friday, 31 July 15
CHINA'S NEW OIL IMPORT RULES HAVE MINIMAL IMPACT ON STATUS QUO - FITCH
Fitch Ratings says that China's looser criteria for crude oil import rights are a positive but modest step towards encouraging private-sector p ...
Thursday, 30 July 15
EFFECTS OF THE CHINESE STOCK MARKET CRISIS - INTERMODAL
All evidence is currently signaling that the Chinese stock market will be the newest hurdle for the global economy. With the world's second lar ...
Wednesday, 29 July 15
Q1'16 FOB INDONESIA COAL SWAP CLOSED HIGHER THAN Q3'15
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and gains week over week, this past week.
The Q3 swap was decl ...
Wednesday, 29 July 15
Q4' 15 FOB RICHARDS BAY COAL SWAPS DECLINE 4.41% TO $56.52 PMT
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was down US$ ...
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- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Australian Coal Association
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- PTC India Limited - India
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
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