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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 materialized, at least not yet, prices for dry bulk carriers haven’t abated that much. According to the latest report from shipbroker Intermodal this is due to a number of reasons, namely the overabundance of financing, given the rapid emergence of private equity funds, as well as the sellers’ expectations.
According to Intermodal’s weekly report, “cince 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”.
Intermodal’s Research Analyst, Mr. George Lazaridis noted that, “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, as he noted “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, despite the fact that 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 Capesize vessels? These are the questions posed rightfully so by the shipbroker’s analyst. According to Mr. Lazaridis, “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”, he noted.
Lazaridis concluded that “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?”, he wondered.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Wednesday, 15 October 14
SHIPOWNER NOT LIABLE FOR CARGO DAMAGE RESULTING FROM POOR STOWAGE - CLYDE & CO
KNOWLEDGE TO ELEVATE
Russian metal trading company Yuzhny Zavod Metall Profil (YZMP), the holder of a CONGEN 1994 bill of lading, took delivery o ...
Wednesday, 15 October 14
NEWCASTLE SHIPPED 13.96 MILLION TONS OF COAL IN SEPTEMBER; UP 5.72%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,227.7 wor ...
Tuesday, 14 October 14
KING COAL UNDER ATTACK? - EVA TZIMA
With the last quarter of the year being well underway and with no strong signs that the Dry Bulk market could be ready for a big positive reversal, ...
Tuesday, 14 October 14
THE NEW CHINESE TRANSPORTATION TAX LAW: WHAT DOES IT MEAN FOR GREEK SHIPPING? - DELOITTE
China has recently promulgated a new law which imposes tax on profits from freights of inbound routes. The objective of the new tax law titled &ldq ...
Monday, 13 October 14
CHINESE COAL IMPORT TARIFFS YET ANOTHER BLOW TO AUSTRALIAN COAL EXPORTS - TIM BUCKLEY
COALspot.com: China’s unexpected move to reintroduce thermal coal import tariffs of 6% will have a materially negative impact on the viabilit ...
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- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- PTC India Limited - India
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- The University of Queensland
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
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