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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, 22 September 14
COAL SECTOR CHAOS - GENESIS TO REVELATION - DIPESH DIPU
COALspot.com: “Let there be light”, intends the government of India but the fuel side of the story paints a blackout. The recent Suprem ...
Monday, 22 September 14
CFR SOUTH CHINA COAL SWAPS LOST ON DAY, WEEK AND MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 3.10 (-4.50%) month over month and $ 0.95 PT MT week over ...
Monday, 22 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.35 (+0.69%) day on day and lost US$ 0.30 (-0.58%) per mt week on week. ...
Sunday, 21 September 14
CAPE INDEX LOST 17% W-O-W ; BALTIC DRY PLUNGES 106 POINTS
COALspot.com: This week the freight market softened a bit compared to last week.
BDI fell 8.97% week on week and closed BDI at 1075 points on ...
Friday, 19 September 14
U.S. WEEKLY COAL PRODUCTION RELATIVELY FLAT AT +0.1% - EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
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- The Treasury - Australian Government
- PowerSource Philippines DevCo
- PTC India Limited - India
- Tamil Nadu electricity Board
- The University of Queensland
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- White Energy Company Limited
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
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