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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, 19 September 14
PRICES FOR DRY BULK CARRIERS HAVEN'T CORRECTED ENOUGH, DESPITE LOWER THAN EXPECTED FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lot has been said and written about the looming dry bulk market recovery over the past few months. However, even if this hasn’t been materi ...
Thursday, 18 September 14
INDONESIA'S JULY COAL EXPORT VOLUME DROPPED 5.13% M-O-M
COALspot.com: Indonesia, one of the world's largest coal producer and the global leading multi grade coal exporter shipped around $1.65* ...
Thursday, 18 September 14
PANAMAX : US GULF/CHINA FRONTHAUL ARE NOW PAYING TYPICALLY 14.5K + 450K BB - FEARNRESEARCH
Handy
We still see a firming tendency in the Atlantic and it is still ECSA and USG leading on. USG/Cont now up in about USD 17/18k for a Smax whi ...
Thursday, 18 September 14
ELECTRONIC BILLS OF LADING: A GUIDE TO PAPERLESS TRADING WHICH HAS TAKEN THE SHIPPING INDUSTRY BY STORM
Bimco has recently developed and published a charter party clause that specifically addresses the use of electronic bills of lading. Increasing use ...
Wednesday, 17 September 14
PANAMAX: LIMITED INTEREST IN BOTH BASINS; RISING TONNAGE - INTERMODAL
With the week starting off at a fast pace and with the positive momentum from the previous Friday seemingly sticking around for a bit longer, most ...
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- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Parliament of New Zealand
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Economic Council, Georgia
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