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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, 29 September 14
INDONESIAN COAL EXPORT VOLUME FALL IN AUGUST
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
Monday, 29 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average November 2014 flat day on day and lost US$ 0.85 (-1.66%) per mt week on week. The swap also lost US ...
Monday, 29 September 14
CFR SOUTH CHINA COAL LOST AROUND 5% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 3.55 (-5.10%) month over month and flat week over week.
...
Sunday, 28 September 14
FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE FIRM NEXT WEEK - CAPT. REDDY
COALspot.com: The freight market shows a bit weak trend this week.
The BDI was lost 2.42% week on week and closed at 1049 points on 26 Se ...
Sunday, 28 September 14
BERAU AGREES DEAL WITH GOVT, MINING AREA REDUCED - THE JAKARTA POST
Coal miner PT Berau Coal, a subsidiary of Jakarta-listed PT Berau Coal Energy (BRAU), has signed a memorandum of understanding (MoU) with the gover ...
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- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- White Energy Company Limited
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Orica Australia Pty. Ltd.
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