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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.
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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Monday, 22 September 14
COAL SECTOR CHAOS - GENESIS TO REVELATION - DIPESH DIPU
COALspot.com: “Let there be light”, intends the government of India but the fuel side of the story paints a blackout. The recent Suprem ...
Monday, 22 September 14
CFR SOUTH CHINA COAL SWAPS LOST ON DAY, WEEK AND MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 3.10 (-4.50%) month over month and $ 0.95 PT MT week over ...
Monday, 22 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.35 (+0.69%) day on day and lost US$ 0.30 (-0.58%) per mt week on week. ...
Sunday, 21 September 14
CAPE INDEX LOST 17% W-O-W ; BALTIC DRY PLUNGES 106 POINTS
COALspot.com: This week the freight market softened a bit compared to last week.
BDI fell 8.97% week on week and closed BDI at 1075 points on ...
Friday, 19 September 14
U.S. WEEKLY COAL PRODUCTION RELATIVELY FLAT AT +0.1% - EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
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- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- White Energy Company Limited
- CNBM International Corporation - China
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
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