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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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Monday, 13 October 14
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 54.92, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for delivery Q4' 2014 decreased US$ 0.80 (-1.46%) month over month and US$ 0.52 (-0.95%) week over ...
Monday, 13 October 14
INDONESIAN COAL SWAPS FOR DELIVERY Q4' 2014 GAINED WEEK ON WEEK AND DAY ON DAY
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 gained week on week and day on day.
The swap lost US$ 0.13 (-0.25%) month on mon ...
Monday, 13 October 14
Q1' 2015 CFR SOUTH CHINA COAL SWAP CLOSED US$ 0.31 PMT HIGHER THAN Q4' 2014 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 0.66 (-1.00%) month over month and US$ 0.40 (-0.61%) ...
Sunday, 12 October 14
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE WEAK - VISTAAR
COALspot.com: This week all the segments softened. The BDI down 7.13 pct week on week and closed below 1000 points at 963 points.
The Cape ind ...
Saturday, 11 October 14
COAL PRODUCTION RISES ONLY SLIGHTLY AS GOVT LIMITS MINING OPERATIONS - THE JAKARTA POST
Indonesian coal production rose by only 4 percent in the first nine months of this year, a relatively low increase compared to previous years, as t ...
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- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- MS Steel International - UAE
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- The University of Queensland
- Economic Council, Georgia
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
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