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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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Sunday, 13 April 14
INDONESIA TO INDIA FREIGHT MARKET DECLINE CONTINUES
COALspot.com: The freight market continued to drop this week and BDI almost touched 1000 points. BDI closed at 1002 points fell 16.85 pct week o ...
Saturday, 12 April 14
HOW DO YOU CALCULATE LOSS OF EARNINGS FOLLOWING A COLLISION? - INCE & CO
KNOWLEDGE TO ELEVATE
The recent case of Astipalaia vs Hanjin Shenzhen [2014] EWHC 120 (Admlty) has revisited the existing case law on asses ...
Friday, 11 April 14
US COAL PRODUCTION IN MARCH INCREASED 9.69% TO 82.6 MMST MONTH ON MONTH
COALspot.com – United States the world's second largest coal producer, produced approximately 19.10 million short tons (mmst) of coal ...
Thursday, 10 April 14
DRY BULK MARKET IS RISING CLAIMS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the recent fall of the Baltic Dry Index (BDI), when one compares the first quarter of 2014, to similar quarters of the recent past, it i ...
Wednesday, 09 April 14
DRY BULK MARKET STRUGGLED THROUGHOUT THE WEEK - INTERMODAL
The Dry Bulk market struggled throughout the week but the poor performance across the board didn't allow for any positive reversal, pushing ...
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- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Australian Coal Association
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
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