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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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Sunday, 14 September 14
FREIGHT RATES RALLY AS DEMAND INCREASED
COALspot.com: The Baltic Dry Index (BDI) is a number (in US$) issued daily by the London-based Baltic Exchange up 2.25 percent week on week. BDI cl ...
Friday, 12 September 14
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 673.3 MMST, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Thursday, 11 September 14
THE PANAMAX MARKET IS TAKING A BREATHER - FEARNLEYS
Handy
We have experienced more activity in both hemispheres this week, said Fearnleys in this week's weekly report.
"We see rates c ...
Wednesday, 10 September 14
ARE GREEK BANKS ON THE VERGE TO START LENDING AGAIN? - JOHN N. COTZIAS
It is well known that Greek Banks had suffered severely after the economic crisis of 2008. From that period onwards, major changes have occur ...
Tuesday, 09 September 14
WEAK M&A DESPITE ABUNDANT DISTRESSED INDONESIA COAL ASSETS - FITCH RATINGS
COALspot.com: Fitch Ratings says that a meaningful level of merger and acquisition (M&A) activity leading to a consolidation of the coal sector ...
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- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- The University of Queensland
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Planning Commission, India
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
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