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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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Thursday, 02 October 14
CAPESIZE - DULL AND WITHOUT MUCH DIRECTION AS IRON ORE AND COAL VOLUMES FAIL TO LIVE UP EXPECTATIONS
Handy
After the recent weeks´ rate increase in the Atlantic we see Panamaxes snapping up handymax and Supra cargoes at much lower levels, p ...
Wednesday, 01 October 14
ASIAN THERMAL COAL PRICES TO REMAIN WEAK ON OVERSUPPLY - FITCH
COALspot.com: The thermal coal market in Asia will remain oversupplied in the next 12 months, in spite of on-going rationalisation of production, a ...
Wednesday, 01 October 14
PANAMAXES: DEFENSIVE, STRUGGLING TO KEEP ANY FURTHER DECREASES - INTERMODAL
COALspot.com: The Dry Bulk market seemed unable to shake off the trend of the week prior and the BDI remained on a downward slope for the bigger pa ...
Wednesday, 01 October 14
FITCH: GLOBAL ECONOMY FACES MULTI-SPEED RECOVERY, MULTIPLE RISKS
Fitch Ratings says in its latest Global Economic Outlook (GEO) that global growth will pick up in 2015 and 2016, but risks are weighted to the down ...
Tuesday, 30 September 14
COALVIEW TO PARTICIPATE AT MET COKE WORLD SUMMIT 2014 IN CHICAGO
COALspot.com: Coalview Ltd., LLC(“Coalview”) America's leading fully integrated coal technology and fine coal recovery company prov ...
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- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
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- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
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- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
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- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
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