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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.
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Tuesday, 08 April 14
PORT OF NEWCASTLE SHIPPED 2.90 MMT OF POWER PLANT AND SEMI-SOFT COKING COAL IN A WEEK
COALspot.com: In the week ended 07:00 hours 7 April 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensla ...
Tuesday, 08 April 14
RBCT SHIPPED 53.79% MORE COAL IN MARCH 2014
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest export coal terminal in the world, shipped 6.90 million to ...
Tuesday, 08 April 14
APRIL 2014 INDONESIAN COAL PRICE REFERENCE DROPS TO LOWEST SINCE JANUARY 2010
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised down again the coal bench mark price by US$ 2.20 / MT to ...
Tuesday, 08 April 14
TALKING ABOUT A ONE-HORSE RACE - GEORGE LAZARIDIS
Ever since the onslaught of the financial crisis, China along with the other BRIICs, have played a pivotal role in supporting global economic gr ...
Monday, 07 April 14
WEEKLY SUB-BIT FOB INDONESIA COAL SWAP CLAIMS EDGE FALL; TREND NEGATIVE
COALspot.com: Indonesian coal swaps for average Q4’ 2014 lost on month, day and on week according to AsiaClear OTC coal swap's reports ...
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- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Australian Coal Association
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
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