We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Wednesday, 07 August 13
HANDIES : FINDING IT DIFFICULT TO SUSTAIN THEIR PREVIOUS LEVELS - KONSTANTINOS KONTOMICHIS
 Broker's insight
by Konstantinos Kontomichis,
SnP Broker
Entering the most predictable month of the year, as expected the seasonal effects has pushed sentiment back into negative territory. As the Greek owners are enjoying their summer time off, the S&P market is falling apart. While few prospective buyers have stayed back in their office to grab any chances and possibly avoid competition while doing so, most seem to have postponed their interest till September in the hope of seeing a market that they feel will make more sense. One can say that the recent price inflation posted over the last two quarters in the Dry Bulk market and more specifically for panamax vessels, is an additional reason for some to switch over to a “wait & see” attitude at least until the slowest month (in terms of chartering) has past.
From the beginning of 2013, handy tonnages have faced the smallest fluctuations in values, reflecting the fact that they still the vessels holding the lowest risk exposure in the dry market. Supramax asset values were running on the high end, something which is quite reasonable though considering the fact that this size segment has been enjoying the best returns in the market over the last couple of years. On the other hand the poor rates, overwhelming delivery schedule and overall negative sentiment for Panamaxes during the second half of the previous year caused depressed sales in the sector. The cheapest deals took place, during the end of 2012 and the very beginning of 2013, providing the groundwork and sparking heavy competition amongst Greek cash buyers which resulted in the unexpected climb in prices.
The recent rally in asset prices which we witnessed was also driven by the appearance of funds and private-equity covering the gap left from the more cautious and now heavily regulated banks. Many were claiming “we are scratching the bottom” and their words translated to private investors as “rock bottom bargain prices”. Of course along the way several additional economic factors played their part in the underling reasoning. The bankruptcy of the Cypriot banking system, the instability of Greek financial institutions and the clouded economic policy of the European Union was enough to push investors to the “sea” as a much “safer” choice.
In all these “safer” decisions there seems to be little room for “profitable”. The above decisions are locked at the going charter rates. It does not make any sense at these levels as the actual earnings do not reflect the levels that ship prices have reached. It is no surprise that we have not only reached back to pre-boom long-term repayment periods for bank loans and even surpassing them. Owners are struggling, shipping is still looking like part of a falling domino structure while many fundamentals are still missing from the market such as financing, economic stability, strong world economic growth, slower supply growth etc. Waiting for a market comeback we have to remember there is always a 'Dummy variable”. No one can predict the future, and despite everything seeming “bearish”, there is no telling of the potential direction the market could end up taking.
Chartering (Wet: Stable- / Dry: Stable- )
With the exception of the Capes, the whole of the Dry Bulk market witnessed a further correction in rates on the face of slower activity in the Atlantic and poor positioning overall. The summer blues have continue to overwhelm market players and things are looking set for further decreases over the next couple of days. The BDI closed today (06/08/2013) at 1046points, down by 12 points compared to Monday’s levels (05/08/2013) and a decrease of 21 points compared to previous Tuesday’s levels (29/07/2013).
The crude oil market noted some correction, however overall demand has held fairly well especially when one considers that this is traditionally the slowest part of the year. Demand for Crude oil from the U.S. has now drop, leaving the market ripe for a drop though you never know in this sort of market. The BDTI Monday (05/08/2013), was at 618 points, a decrease of 32 points and the BCTI at 612, an increase of 5 points compared to the previous Monday’s levels (28/07/2013).
Chartering
There was a hold in the rates drop for Capes, with the Atlantic basin showing some improved demand and fending off any further weakening for now. The Pacific was the real market support this week, helping cover much of the slack in demand left by a softer Atlantic and allowing for some temporary relief. With activity likely to drop further over the next couple of weeks especial for iron ore cargoes, August is likely to be a fairly poor performance overall and this current levels are unlikely to hold for long.
Continuing on from the week prior, Panamaxes lost further support this past week as the Atlantic drop further on the face of fewer inquiries coming in from ECSA. The Pacific on the other hand is in no state to cover the gap in demand and is likely going to feel further weakening itself. This overall slower activity has taken its toll on sentiment and it is likely that we will see the index close of this coming Friday well below the 1,000 point mark.
This slower activity in the Atlantic took its toll on Supras as well this week, as it now becomes more evident to what degree the demand from ECSA was holding the market buoyant these past weeks. There was some gains to be noted on other Atlantic basin routes such as Continent/US Gulf, however these were to insignificant to effect the overall picture. Handies were also finding it difficult to sustain their previous levels and have also seen a slight overall drop these past few days. The Pacific basin wasn’t looking very charming either with decreased demand for raw resources from China these past weeks and India still remaining fairly subdued, it looks as though it will be another gloomy August as usual.
Compiled by:
Intermodal Research & Valuations | research@intermodal.gr
Analysts:
Mr. George Lazaridis | g.lazaridis@intermodal.gr
Ms. Eva Tzima | e.tzima@intermodal.gr
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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 15 October 13
CHINA COAL IMPORTS TO KEEP GROWING IN THE YEARS TO COME, ALBEIT AT A SLOWER RATE - EVA TZIMA / NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest monthly report, shipbroker Intermodal highlighted the growing role of coal in the energy mix. According to Intermodal's research anal ...
Tuesday, 15 October 13
NEWCASTLE PORT SHIPPED 6.50% MORE COAL W-O-W
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 6.50 per cent week on week to 3.19 million mt for ...
Monday, 14 October 13
MEMR OF INDONESIA SETS THE COAL'S SPOT PRICE AT US$ 76.61 FOR OCT'13 DELIVERY
COALspot. com - The Indonesian government has revised down government declared coal bench mark price by US$ 0.28/ MT to US$ 76.61 for October 2013 d ...
Monday, 14 October 13
CARBON POLICIES UNLIKELY TO PREVENT A COAL-FUELLED WORLD - WOOD MACKENZIE
China will propel coal growth but US, Europe and Asia will sustain global demand.
At the World Energy Congress (WEC) today Wood Mackenzie's Pres ...
Sunday, 13 October 13
Q4'13 DELIVERY SUB-BIT INDO COAL SWAP FALLS SEVEN STRAIGHT WEEK
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery fell 1.72 percept month on month on Friday 11 October 201 ...
|
|
|
Showing 4066 to 4070 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- The University of Queensland
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Australian Coal Association
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
|
| |
| |
|
