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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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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- VISA Power Limited - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- The University of Queensland
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
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