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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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Sunday, 07 September 14
SHIPMANAGERS SUPERVISION CONTRACT FOR NEWBUILDS - BIMCO
Shipmanagers are frequently called upon by their owner clients to supervise newbuilding projects on their behalf. The scope of the manager’s ...
Saturday, 06 September 14
SLOW COAL EXPORT REGISTRATION RAISES CONCERNS - THE JAKARTA POST
Several coal mining companies have yet to receive the go-ahead from the Energy and Mineral Resources Ministry to obtain exporting licenses, leading ...
Saturday, 06 September 14
DRY BULK MARKET'S PROSPECTS ARE IMPROVING, DESPITE WEAK SECOND QUARTER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been rebounding during the past month, with the Baltic Dry Index (BDI) ended the week on a high note, reaching 1,155 points ...
Saturday, 06 September 14
INDONESIA WANTS TO REGULATE COAL DEALS - THE TELEGRAPH INDIA
Indonesia has raised concerns about suspected coal deals struck between overseas buyers and its unregistered domestic miners, the telegraph India r ...
Friday, 05 September 14
U.S. PRODUCED 19.2 MMST OF COAL LAST WEEK
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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- Madhucon Powers Ltd - India
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- Port Waratah Coal Services - Australia
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- Straits Asia Resources Limited - Singapore
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- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
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- The Treasury - Australian Government
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- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
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- Interocean Group of Companies - India
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- Posco Energy - South Korea
- PTC India Limited - India
- Trasteel International SA, Italy
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- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
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- Standard Chartered Bank - UAE
- Australian Coal Association
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- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
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- Parliament of New Zealand
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- Indian Oil Corporation Limited
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- Indogreen Group - Indonesia
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- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
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- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Dalmia Cement Bharat India
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- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
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- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
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- Bangladesh Power Developement Board
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- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
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- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
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- Wilmar Investment Holdings
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- Bahari Cakrawala Sebuku - Indonesia
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- Merrill Lynch Commodities Europe
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- Meenaskhi Energy Private Limited - India
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