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Wednesday, 17 September 14
SHIPPING MARKET INSIGHT - GEORGE LAZARIDIS
 Since the onslaught of 2013 the rising tide of asset prices had been primarily driven by the increasing freight market conditions and the improving sentiment as to the future prospects of the Dry Bulk markets. Having put behind them the “lean” years of 2011 and 2012, owners were starting to feel more confident about the conditions they would face moving forward.
Many saw a more balanced market were the ore reasonable delivery schedule of newbuildings (compared to that of 2012) would be met with the equal demand growth that they had been accustomed to during the period post the 2008 crisis.
This was a fairly reasonable assumption as there seemed to be nothing in sight that could stop the insatiable appetite from the developing economies for further growth and higher consumption of raw materials. This all proved the more reasonable when just at the start of the final quarter of 2013 a major rally in the freight markets started to take place, bringing earnings to levels that were long forgotten.
Yet this rosy picture painted by many in their mind was already breaking at the seams. The freight market started to plummet back down to the levels seen in early 2013 and whispers started to emerge of an imminent slowdown in growth by the dry bulk’s major driving economy, namely China. Yet this did not seem to have the strong impact many would have anticipated in the secondhand market. Prices continued to climb at an extraordinary rate peaking late April early May were a promise of a strong spring market never materialized. Yet even after this, the correction was only marginal. So why is there still such optimism amongst buyers? and more specifically why still for the larger capsize vessels?
Many may be still convinced that appetite will still be there going forward for both iron ore and coal by the world’s second largest economy. In all truth there may well be a new stimulus plan just around the corner and things may well get back on track with regards to demand. But it seems there is a more indirect cause at play here. While the continual increase in asset prices may be seen as a reflection of a more bullish approach by investors, it seems to be more the excess of financing and the high price ideas held by the few available sellers in the market.
With regards to the former, one must not forget that finance was not easily available during 2011-2012, especially for secondhand purchases and as a consequence the large influx of cash has made most buyers willing to splash out more in order to fuel their expansion plans.
This will inevitably have some consequences going forward as most of this readily available cash comes at a much higher cost then what the traditional bank driven finance would have. As to the side of the sellers, there are few out there willing to part with their assets at lower prices than they have been used to seeing over the past couple of months, and holding a more optimistic view themselves, they are only truly willing sellers at the currently prevailing prices.
The question that holds is how long will this new price reality hold? And will freight rates eventually show the recovery all these prospective buyers are hoping for?
Compiled by:
Intermodal Research & Valuations
Analysts:
Mr. George Lazaridis
Ms. Eva Tzima
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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Saturday, 27 September 14
OIL MARKET CONTANGO: SPECULATION ON FUTURE PRICES CAN BE A RISKY MOVE, EVEN FOR TANKER OWNERS HELLENIC SHIPPING NEWS
Despite the fact that tanker owners can easily use their vessels as floating storage units for oil, in a bid to exploit the current oil market dyna ...
Saturday, 27 September 14
MORE COAL MINERS AGREE TO AMEND CONTRACTS - THE JAKARTA POST
The Energy and Mineral Resources Ministry is in a rush to beat a deadline for the conclusion of numerous memorandums of understanding (MoUs) with t ...
Friday, 26 September 14
INDIA SUPREME COURT RULING TO HIT STEEL, UTILITY EARNINGS, SAYS FITCH
COALspot.com: The 24 September Supreme Court of India (SCI) decision to cancel almost every coal block allocation since 1993 will have a negative f ...
Friday, 26 September 14
U.S WEEKLY COAL PRODUCTION FELL 1.8% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.80 million short tons (mmst) of c ...
Friday, 26 September 14
ORACLE SIGNS EPC FRAMEWORK AGREEMENT WITH SEPCO FOR COAL MINE AND POWER PLANT IN PAKISTAN
COALspot.com: Oracle Coalfields PLC, the UK developer of a lignite coal mine and power plant in the south-eastern Sindh Province, Pakistan, has ann ...
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- Orica Australia Pty. Ltd.
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- VISA Power Limited - India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
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