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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, 07 September 14
SHIPMANAGERS SUPERVISION CONTRACT FOR NEWBUILDS - BIMCO
Shipmanagers are frequently called upon by their owner clients to supervise newbuilding projects on their behalf. The scope of the manager’s ...
Saturday, 06 September 14
SLOW COAL EXPORT REGISTRATION RAISES CONCERNS - THE JAKARTA POST
Several coal mining companies have yet to receive the go-ahead from the Energy and Mineral Resources Ministry to obtain exporting licenses, leading ...
Saturday, 06 September 14
DRY BULK MARKET'S PROSPECTS ARE IMPROVING, DESPITE WEAK SECOND QUARTER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been rebounding during the past month, with the Baltic Dry Index (BDI) ended the week on a high note, reaching 1,155 points ...
Saturday, 06 September 14
INDONESIA WANTS TO REGULATE COAL DEALS - THE TELEGRAPH INDIA
Indonesia has raised concerns about suspected coal deals struck between overseas buyers and its unregistered domestic miners, the telegraph India r ...
Friday, 05 September 14
U.S. PRODUCED 19.2 MMST OF COAL LAST WEEK
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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- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Planning Commission, India
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
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