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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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Tuesday, 09 September 14
PORT OF NEWCASTLE SHIPPED 13.207 MTN OF COAL IN AUGUST; TRADE VALUE AROUND $1.17 BILLION
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.17 billio ...
Monday, 08 September 14
SUB-BIT FOB INDONESIA COAL SWAP UNDERPERFORMED LAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.20 (-0.39%) day on day and US$ 1.60 (-3.04%) per mt week on week. The ...
Monday, 08 September 14
API 8 CFR SOUTH CHINA COAL SWAP FOR DELIVERY JAN'15 CLOSED AT US$ 66.30 PMT W/E 5 SEPTEMBER 2014; LOST 5.15% M-O-M
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.15 (-0.23%) day on day and US$ 2.05 (-3.04%) week on wee ...
Monday, 08 September 14
CHINESE IRON ORE IMPORT DEMAND VERY STRONG - COMMODORE
COALspot.com: 30 dry bulk vessels were chartered in the spot iron ore market last week to haul iron ore import cargoes to Chinese buyers.
Acco ...
Sunday, 07 September 14
FREIGHT MARKET CONTINUED TO BE FIRM IN SPITE OF CAPE'S THIS WEEK'S WEAK PERFORMANCE
COALspot.com: BDI up by 0.7 pct week on week and closed at 1155 points this week. The Baltic Dry Index is a composite of three sub-indexes that mea ...
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Showing 3496 to 3500 news of total 6871 |
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- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- White Energy Company Limited
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- PTC India Limited - India
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
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