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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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Wednesday, 02 April 14
BPI BREAKING BELOW THE 1,000 PSYCHOLOGICAL LEVELS - INTERMODAL
Any resistance put forth by the Dry Bulk market the week prior was succumbed this time round. All indices slid and losses were noted across the ...
Tuesday, 01 April 14
NEWCASTLE PORT SHIPPED 11.95 MILLION TONS OF COAL IN MARCH 2014
COALspot.com: In the week ended 31 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2 ...
Monday, 31 March 14
SHIPPING CONFIDENCE HITS HIGHEST LEVEL SINCE 2008 - MOORE STEPHENS
Overall confidence levels in the shipping industry rose to their highest level for almost six years in the three-month period to February 2014, ...
Monday, 31 March 14
COAL SWAP FOR Q1 2015 DELIVERY HAS CLOSED 4.76% HIGHER COMPARED Q2 14 CLOSING
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
Monday, 31 March 14
CFR SOUTH CHINA COAL SWAP FOR Q2 14 DELIVERY LOST 1.17% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 1.17 percent month on month and closed at US$ 75.38 per m ...
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- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Economic Council, Georgia
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
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