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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, 25 April 14
2ND MYANMAR ELECTRIC POWER CONVENTION 2014 IS THE GATEWAY TO MYANMAR POWER INDUSTRY!
Press Release: 2nd Myanmar Electric Power Convention (MEPC) 2014 is scheduled on 21-23 October, 2014 at Traders Hotel in Yangon, Myanmar. MEPC o ...
Friday, 25 April 14
DRY BULK MARKET LOOKING FOR NEW TRACTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market seems to have gained its footing after the past few dissapointing weeks, during which the Baltic Dry Index (BDI) shedded mos ...
Thursday, 24 April 14
HANDY : A FLOW OF FRESH REQUIREMENTS LIFTING THE PACIFIC SLOWLY TO US$ 10-11 K BSS SINGAPORE FOR COAL ROUNDS
Handy
There is still no place to hide in the Atlantic for the smaller but flexible sizes. Slow and weak seems to be the headlines, although th ...
Wednesday, 23 April 14
EUROPE WOULD BE HARD PRESSED TO REPLACE RUSSIAN GAS, FITCH RATINGS SAYS
A ban on Russian gas imports to the EU would cause substantial disruption to Europe's economy and industry, Fitch Ratings says. In the immed ...
Wednesday, 23 April 14
KOMIPO INVITES BIDS FOR LOW VOLATILE BITUMINOUS COAL
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 90,000 Metric Tons (MT) of low volatile bit ...
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- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Planning Commission, India
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- White Energy Company Limited
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
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