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Wednesday, 16 April 14
Q1 2014 : TERMS OF FREIGHT RATES THE PERFORMANCE IN THE DRY BULK MARKET HAS NOT MET THE HIGH EXPECTATIONS - INTERMODAL
 This year the dates for the celebration of Easter will coincide for the Orthodox and the Catholic, so we are already seeing most people in the market getting into a more relaxed mood. Saying that, this could probably be the worst time to relax, especially if you are involved with the Dry Bulk market, as the latter has been losing ground constantly for the past three weeks.
Despite the negative performance, we are witnessing asset values remaining at much higher levels than compared to those of August 2013, the same period the BDI had last visited the 1,000 level mark. At the same time the average TC is either worse than what it was back then, as in the case of Capes and Panamaxes or just a tad better, as in the case of the smaller size segments. But even in the case of Supras and Handies that experience a slightly better freight market, the second hand values are way higher than what they were 8 months ago.
Let’s take the example of a seven year old Panamax, which was sold at around USD 18 mil back in August. The market for the same vessel today would be somewhere around USD 26 mil, while the average TC for the segment stands at around USD 6,500/day, when back in August it was around USD 7,500/day. During the past month, the number of sales candidates has increased a lot.
If someone takes a closer look, they can see that, with the exception of Japanese owned vessels maybe, the majority of sales candidates are vessels that were bought at very low levels sometime between 2012 and 2013, which means that their owners are hoping to lock a good profit from selling back their vessels. A number of fifteen year old Handymax vessels that were bought between USD8mil and USD 9mil in either 2012 or 2013, are currently in the market for a price tag of around USD 13.5mil, which undoubtedly is a great return.
Psychology, as always, is still playing a very important role for both buyers and sellers, while it is currently very difficult for anyone to make predictions, as the markets nowadays are influenced by many factors, some of which are not even explicit in the way they are linked to the shipping market. Under such circumstances, and with the freight rates being in a free fall during the past weeks, some potential buyers are more hesitant to go ahead with a purchase. At the same time, others believe that the bad performance of rates is only periodic and try to take advantage of a possible break down in the psychology of Sellers, who might have started feeling less confident than before, both because of the bad market but also due to the decreased number of potential buyers around, most of them having already made an acquisition during the past year.
So if we try to summarize the first quarter of 2014, we can say that in terms of freight rates the performance in the Dry Bulk market has not met the high expectations created following the mini rally at the end of last year, but at the same time there are a lot of people who firmly believe that the market will make a come-back in 2014 and freight rates will bounce back up. Evident of this optimism is the firm numbers still being achieved in the second-hand market even for older vessels, like in the case of the ‘ASIAN EXCELSIOR’ (45kdwt-blt96 Taiwan), which was very recently sold in excess of USD 11 mil.
So let’s hope that going forward the performance of freight market will follow that of the second-hand market, so that our industry gets a break and starts operating under healthier fundamentals and sustainable growth.
Happy Easter to Everyone!
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.
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Monday, 21 April 14
DRY BULK MARKET UPS AND - MOST RECENTLY - DOWNS OFFERS NO ROOM FOR RELAXING AMONG DRY BULK SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's latest demise, with the market retrating once again, since the end of March, has come at a time, when most ship owners ...
Sunday, 20 April 14
FREIGHT RATES END WEEK ON WEAK NOTE - VISTAAR
Wish you all Happy Easter.
The freight market continued to its downwards as BDI was fell 7.187 percent to 930 points week on week.
The ...
Friday, 18 April 14
US WEEKLY COAL PRODUCTION DECLINED BY 1% TO 18.9 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal i ...
Thursday, 17 April 14
DRY BULK MARKET ON RETREAT MODE, WHILE NEWBUILDING ORDERING ACTIVITY STALLS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on retreating this week, a pattern which emerged since late March. Yesterday the BDI (Baltic Dry Index) ended yet a ...
Wednesday, 16 April 14
INDONESIA'S FEBRUARY 2014 COAL EXPORT VOLUME FELL 2.41%
COALspot.com: Indonesia, the world 4th largest coal producer and the global largest multi grade coal exporter shipped around $1.77* billio ...
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- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Energy Development Corp, Philippines
- Planning Commission, India
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
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