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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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- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Economic Council, Georgia
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
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