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Wednesday, 14 May 14
ALMOST THROUGH THE HALF OF THE YEAR, THE DRY BULK INDEX SHOW SIGNS OF WEAKNESS; CREATING TO BOTH EXISTING SHIP OWNERS AND POTENTIAL INVESTORS A LOT OF INSECURITY - PANOS MAKRINOS
 Almost through the half of the year, the overall shipping market and more specifically the Dry Bulk Index show signs of weakness, creating to both existing ship owners and potential investors a lot of insecurity for what is in place for the second half of 2014, as well as further disbelief to those voices that inspired by the last quarter of 2013, were calling for a stable market during 2014.
Looking back to the beginning of the year we can say that from the month of February until the time of this writing, with the exception of a small rally, the market has struggled for the greater part, with the BDI returning to below 1,000 points. More specifically, in December last year and while the Index stood above 2,000 points, the overall sentiment was calling for an equally strong market in 2014, which never came.
The market has in fact followed a persistent downward trend until mid-February when we started seeing the first signs of improvement. The latter lasted for about a month, with the BDI peaking for the year within this period but still remaining below 2,000 points, and soon after that the downward trend resumed, bringing us to today.
Seeing the low levels the freight market has been fairing, most would normally expect that second-hand prices would have followed course, but it seems that it took a while before we started seeing the first discounts off last done sales and even the levels at which most vessels come in the market today still don’t reflect the current freight environment. There are in fact cases of modern Handymax to Panamax tonnage where inspection interest remains high allowing owners to hold firm on their asking price, while at the same time there are currently a lot more sales candidates from the Far East.
On the other hand, there are those who are more conservative and therefore unwilling to accept Seller’s ideas. Besides the fact that the current price levels make no sense to them, as long as these subdued freight rates persist, they are also very sceptic when it comes to the number of deliveries set to enter service within the next couple of years, predicting that a renewed overcapacity problem will most probably surface possibly creating another market bottom. Should they be proven right, we will certainly witness another round of softening asset values, both in the second hand and the new building market, especially if scrapping activity remains at the low levels we have been witnessing during the past months and despite those sky high demo prices around.
It is always both risky and difficult to make predictions and nobody could say with certainty what the next 6 months of 2014 hold for the market. And despite the fact that things have been far from rosy so far this year, let’s not forget that the first half of 2013 wasn’t a whole lot different with most predicting further price reductions, which nonetheless never materialized.
In terms of the overcapacity being created, let’s hope that the upcoming lower emissions rules, the Dry Docking for most of the 80’s built ships that will be due soon, as well as scrap subsidies similar to the ones offered in China, could well be some of the reasons that will restrict overcapacity. Will they nonetheless be enough to protect the market from the number of vessels soon to be delivered? It’s anyone’s guess at this point.
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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Friday, 23 May 14
U.S. WEEKLY COAL PRODUCTION SLIPS 1.8% WEEK ENDED MAY 17, 2014
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
Friday, 23 May 14
DRY BULK NEWBUILDING CANCELLATIONS COULD HELP SUPPORT MARKET IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's demise over the past few months maybe has come as a surprise to many, but analysts and shipbrokers are looking forward to ...
Thursday, 22 May 14
HEAR SUCCESSFUL CASE STUDIES FROM 10 INDEPENDENT UNCONVENTIONAL GAS OPERATORS
Unconventional Gas Asia 2014 will provide a unique opportunity for Asia’s unconventional gas leaders to share their experience and expertise ...
Thursday, 22 May 14
CNPC-GAZPROM DEAL A MEDIUM - TERM POSITIVE FOR CHINA'S GAS SECTOR
Fitch Ratings says a 30-year deal in which Russia's OAO Gazprom (BBB/Negative) will supply gas to China National Petroleum Corporation (CNPC; A ...
Thursday, 22 May 14
CAPESIZE : RATES ARE STILL UNDER PRESSURE
Handy
A quiet start into the week in Far East, some fresh Indonesian coal order in the market. For trips within S.E. Asia, Supras are trading aro ...
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- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- The University of Queensland
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Planning Commission, India
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
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