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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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Friday, 26 September 14
NEWCASTLMAXES ARE THE MOST SOUGHT AFTER VESSELS BY SHIP OWNERS TODAY SAYS VESSELS VALUE
KNOWLEDGE TO ELEVATE
Determining a ship’s fair value can be a very tricky business, especially when you’re the one paying. As such ...
Thursday, 25 September 14
LACK OF COAL BUSINESS PUSHING DOWN PANAMAX EARNINGS IN PACIFIC
Handy
In the Atlantic we see rates steady climbing upwards. More coal cargoes out of USG and USEC are helping the TA market which is up some USD ...
Wednesday, 24 September 14
ADARO AGREED TO REDUCE ITS CONCESSION AREA TO 31,379.8 HECTARES
COALspot.com: PT Adaro Energy Tbk (Adaro Energy) today announced that, PT Adaro Indonesia (AI), its wholly owned subsidiary, entered into a M ...
Wednesday, 24 September 14
CAPESIZE: ACTIVITY IN BOTH BASINS WAS UNIMPRESSIVE
COALspot.com: The end of the week prior seems to have marked the tone for the days that followed, with the Dry Bulk market giving up a significant ...
Tuesday, 23 September 14
MEDCO TO INCREASE ITS COAL PRODUCTION NEXT YEAR
COALspot.com: PT Medco Energi Internasional is looking to increase its coal production next year, supported by the launch of operations at its Duta ...
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- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- The University of Queensland
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
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