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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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Thursday, 20 March 14
CAPESIZE: WEST AUSTRALIA TO CHINA RATES HAVE CLIMBED BACK TOWARD USD 11 PMT - FEARNRESEARCH
Handy
From a slight improvement in the Atlantic to a more mixed picture this mid week. North Atlantic rounds showing softening signs whereas S ...
Wednesday, 19 March 14
INSTEAD OF DECIDING WHETHER THE GLASS IS HALF FULL OR HALF EMPTY, I AM CURRENTLY GLAD THERE IS WATER IN THE GLASS - EVA TZIMA
By Eva Tzima
Research Analyst
Intermodal Research & Valuations
Right when you think that you have all your facts straight, right wh ...
Wednesday, 19 March 14
EUROCOKE SUMMIT 2014
Press Release: ThyssenKrupp, Steel Institute VDEh, SSI and more headline Smithers Apex’s Eurocoke Summit
The leading coke, coal and s ...
Wednesday, 19 March 14
DRY BULK MARKET REBOUND LEADS TO MORE NEWBUILDING ORDERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The steady rise of the dry bulk market, as evidenced by the return, yesterday, of the Baltic Dry Index above the 1,500-point mark (1,518), is fu ...
Tuesday, 18 March 14
SECOND QUARTER SUB-BIT FOB INDONESIA COAL SWAP LOST 3.27% IN A MONTH
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
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- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- The University of Queensland
- Economic Council, Georgia
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
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