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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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Sunday, 13 April 14
INDONESIA TO INDIA FREIGHT MARKET DECLINE CONTINUES
COALspot.com: The freight market continued to drop this week and BDI almost touched 1000 points. BDI closed at 1002 points fell 16.85 pct week o ...
Saturday, 12 April 14
HOW DO YOU CALCULATE LOSS OF EARNINGS FOLLOWING A COLLISION? - INCE & CO
KNOWLEDGE TO ELEVATE
The recent case of Astipalaia vs Hanjin Shenzhen [2014] EWHC 120 (Admlty) has revisited the existing case law on asses ...
Friday, 11 April 14
US COAL PRODUCTION IN MARCH INCREASED 9.69% TO 82.6 MMST MONTH ON MONTH
COALspot.com – United States the world's second largest coal producer, produced approximately 19.10 million short tons (mmst) of coal ...
Thursday, 10 April 14
DRY BULK MARKET IS RISING CLAIMS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the recent fall of the Baltic Dry Index (BDI), when one compares the first quarter of 2014, to similar quarters of the recent past, it i ...
Wednesday, 09 April 14
DRY BULK MARKET STRUGGLED THROUGHOUT THE WEEK - INTERMODAL
The Dry Bulk market struggled throughout the week but the poor performance across the board didn't allow for any positive reversal, pushing ...
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- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Australian Coal Association
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
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