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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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Sunday, 30 March 14
FREIGHTS FROM INDONESIA TO INDIA IS EXPECTED TO BE SOFT NEXT WEEK - REDDY
COALspot.com: The freight market dropped drastically and all sectors were affected severely.
The BDI was down by 14.13 pct and closed at 1, ...
Friday, 28 March 14
US PRODUCED APPROXIMATELY 18.9 MMST IN A WEEK - EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal i ...
Friday, 28 March 14
CHINA'S ENVIRONMENTAL MEASURES WILL NOT CURB GROWTH IN DOMESTIC STEEL PRODUCTION AND SEABORNE IRON ORE - WOOD MACKENZIE SAYS
Steel plants in China have been targeted as a major source of the toxic smog enveloping Beijing and Shanghai. Emergency measures have been impos ...
Thursday, 27 March 14
PANAMAX : SEEMS TO HEAD FURTHER DOWN; CAPESIZE : ANOTHER CHOPPY AND UNPREDICTABLE WEEK - FEARNLEYS AS
Handy
A weaker sentiment for the smaller size as well, with reduced activity in the Atlantic where Owners have to face significantly lower ret ...
Wednesday, 26 March 14
NEWBUILDING ORDERING ACTIVITY PICKS UP PACE ON IMPROVING DRY BULK MARKET CONDITIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The gradual improvement of the dry bulk market, as expected for some time now, is urging shipowners to increase their newbuilding ordering activ ...
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- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- White Energy Company Limited
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
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