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Monday, 31 December 12
"DISTRESSED", "ECO" AND "FINANCE" ARE THE THREE WORDS WHICH CHARACTERIZED 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 2012 was yet another year of speculation, anticipation, pessimism and more speculation in the shipping markets. According to the latest weekly report from shipbroker Intermodal, "if 2011 was a year of aggression with the majority of the shipping world treating it as a short slow down before the next bonanza, 2012 was a major slap in the face and a party killer making most people (there is a reason that I say most) realize the rates are on a downhill with no breaks. 3 words in 2012 in my humble opinion were the most popular in the shipping world. “Distressed,” “ECO” and “Finance”, wrote Intermoda's analyst, Mr. Timos Papadimitriou.
He noted that "starting with “Distressed,” the market has been looking for the so called “fire sales” of modern assets since 2010 to no avail, at least not to the extent many would like. But why is that? Charterers have being defaulting, owners have being defaulting, and many yards are for sure to default. But the really low prices have yet to be witnessed. We have started to slowly but surely see assets being marketed cheap in the container sector, but these 90’s units are hardly of interest any more. Will dry bulkers and tankers provide similar opportunities for modern distressed assets? It’s doubtful. Units built after 2007 had been contracted at much higher levels compared to today’s NB prices and keep in mind that the finance that these vessels operate on, is unlikely to have been completely repaid yet. As such, the banks will be reluctant to sacrifice these vessels to the market just yet. It’s more likely that we will continue seeing the “inviting offers” dance followed by the “withdrawn from the market” maneuver and finishing strong with either a private sale or a second dance of an “inviting offers.” Time will tell" he stressed.
Intermodal's analyst went on to explain what 2012 meant in terms of the crowd favorite word of "Eco". He mentioned that "ECO tankers, ECO Bulkers, ECO containers and so on. There so many different opinions, predictions and questions. Will the new vessels render the older ones obsolete? Will the ECOs see the anticipated premiums? How will they perform under bad weather? Can the older vessels be cheaply retrofitted to run as efficiently? And what if oil prices drop? The last question cracks me up every time! In my very humble opinion it will come down to the owner/operator. Undeniably, what’s more important than the vessel itself, is to know how to manage/operate a vessel. It’s “back to basics,” and the charterers are well aware of that. Yes the ECO vessels will attract curiosity but their value might not only be in the FOC they boast but also in other features they will be fitted with that will allow them to comply with new regulations and laws. Again time will tell" he said.
Finally he stated that "last but not least we have reached our final point, “Finance.” These days finance resembles “Nessie” the Loch Ness Monster. There is something out there but what exactly is it? that we don’t know yet. European banks are silent or playing dead (emphasis on “playing”) making the credit thirsty parties look to China for Nessie but with no consistency in the sightings. Truth to be told, there is some finance from China as well as other sources like the recently reported Bumi deal which was backed up by Indian money. So finance might not be easily found or even acquired, but taking the right steps and most importantly having a healthy financial past will lead you to the end of the rainbow. Once again time will tell" Papadimitriou said.
He concluded his argument by noting that "the shipping market has always been a steady supplier of surprises and curve balls. When all things point to one direction, something has always happened that defied all odds and changed the market’s course. Yes there are still A LOT of bulk carriers to be delivered, yes the global economic environment does not favor end products that are shipped with containers and yes the tanker market is struggling to find its footing but maybe the New Year will lead to new opportunities emerging. Time will indeed tell".
Source: Nikos Roussanoglou, Hellenic Shipping News
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Sunday, 13 January 13
THE FREIGHT MARKET: FAIRLY STEADY - VISTAAR
COALspot.com - The freight market was fairly steady with all the indices up with maximum gain in the Panamax segment. The BDI was up by 7.65 pct clo ...
Saturday, 12 January 13
SUB-BIT FOB INDONESIA COAL SWAPS: WEAK
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q1’ 2013 delivery has lost 0.32 percent WoW but CFR South China coal ship ...
Saturday, 12 January 13
HIGHER COAL PRICES: SEASONAL EFFECT
COALspot.com : Bahana Securities, one of the leading securities in Indonesia, said in its latest coal outlook that, on US and China&rsquo ...
Friday, 11 January 13
HBA HAS JUMPED BY US$ 5.80 PMT IN JANUARY 2013
COALspot.com - The Indonesian government has declared bench mark price for coal higher than December price. The monthly coal reference price f ...
Thursday, 10 January 13
PANAMAX : SOME GLIMMERS OF HOPE MID WEEK - FEARNLEYS
According to Fearnley’s weekly report, the Atlantic handy market is stable with rates around USD 11k for Cont-Feast and USD 17k bss USG/Feast. ...
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- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- PTC India Limited - India
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
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