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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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Friday, 26 September 14
NEWCASTLMAXES ARE THE MOST SOUGHT AFTER VESSELS BY SHIP OWNERS TODAY SAYS VESSELS VALUE
KNOWLEDGE TO ELEVATE
Determining a ship’s fair value can be a very tricky business, especially when you’re the one paying. As such ...
Thursday, 25 September 14
LACK OF COAL BUSINESS PUSHING DOWN PANAMAX EARNINGS IN PACIFIC
Handy
In the Atlantic we see rates steady climbing upwards. More coal cargoes out of USG and USEC are helping the TA market which is up some USD ...
Wednesday, 24 September 14
ADARO AGREED TO REDUCE ITS CONCESSION AREA TO 31,379.8 HECTARES
COALspot.com: PT Adaro Energy Tbk (Adaro Energy) today announced that, PT Adaro Indonesia (AI), its wholly owned subsidiary, entered into a M ...
Wednesday, 24 September 14
CAPESIZE: ACTIVITY IN BOTH BASINS WAS UNIMPRESSIVE
COALspot.com: The end of the week prior seems to have marked the tone for the days that followed, with the Dry Bulk market giving up a significant ...
Tuesday, 23 September 14
MEDCO TO INCREASE ITS COAL PRODUCTION NEXT YEAR
COALspot.com: PT Medco Energi Internasional is looking to increase its coal production next year, supported by the launch of operations at its Duta ...
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- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
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