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