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Sunday, 23 June 13
SHIP PRICES NOT FOLLOWING FREIGHT MARKET FUNDAMENTALS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 Although it's been the case in many occasions in the past, it appears that ship prices haven't been quite following freight market fundamentals, in terms of future prospects. According to the latest report from shipbroker Intermodal, over the past couple of months we have seen a drastic decoupling of the SnP markets from the reality of the freight markets. "This slowly developing two-tier structure is nothing new, however the widening gap between the two has recently been of much concern to most market players. But why is this gap developing and more crucially, is it sustainable?", wondered Intermodal's Research Analyst, Mr. George Lazaridis.
Attempting to explain this odd situation, he notes that "in the past any widening gap was more difficult to sustain as the fewer amount of asset players in the market left for a market environment with considerably less speculation. During the 2000’s boom this all changed rapidly as the financial markets started to heavily influence the way shipping people made investment decisions. The world of derivatives and complex financial instruments entered our world and had a profound effect, shifting our perspective of the ship itself. It no longer has the image of an industrial machine for transportation, but rather an exchangeable commodity that through time will fluctuate wildly in value. Fast forwarding to where we are today it seems that a part of that legacy has caused the creation of a more forward looking investor who is able to see the benefits of acting in a “bad market” in the hope that he has read the market correctly and that through the life of his investment the average return will be sufficiently lucrative", he said in the weekly report.
Lazaridis went on by noting that "looking at some of the latest deals that we have seen, is there any evidence that these have been done through valid analysis of the current market fundamentals or is it just wildly speculative? The answer to this is that we don’t know. With the market fluctuating in such a volatile way and so unpredictable at times, it seems to be that each investor has different beliefs as to where the market will be over the next couple of months. Its majority rule here and as the lack in serious sellers has kept buyers on their toes, prices have inevitably gone up as each interested buyer outbids the other in order to secure one of the few new sales candidates circulating the market", he said.
According to the analyst, "the nature of all these buyers has been the main driver of the recent price trends. Most upscale European buyers that would typically look at very modern units had been fairly inactive during most of 2012. Their sudden interest created a flurry of activity and over the past 5 months pushed prices up by between 15-20% for vessels of less than 10 years old across most size segments. Panamaxes and Supramaxes have been the ones drawing the most attention and as such have shown the biggest rise in prices", Lazaridis said.
Concluding his argument, he pointed out that "going back to the point of decoupling markets, freight rates have followed a wildly different course. Spot Rates are currently trending at considerably lower than the average seen during 2012 (in the case of Panamaxes that’s around 3% lower) and we haven’t even gone through the summer lull period yet.
FFA’s are also supporting this point further, with expectation for forward rates being soft for a considerable period into the future, although there has been a small upward correction over the past weeks. Even in the case where one would believe of an improving market within 2014 and 2015, there seems to be no reasonable basis for paying an extra premium this early in the cycle and in effect also having to suffer through several months of poor rates, while even the possibility for a recovery being so fragile and there is a constant overshadowing threat that further new ordering could take place and once again engulf the market with excess tonnage. Bets are being placed but I’m not sure that these current premiums will be sustained throughout 2013. As things hold in certain markets such as that of modern panamaxes, it seems to be a better option to sit on the sidelines and act coy in hope that the flock of current buyers will take their pickings and leave the markets once again to drop back down to levels that make more business sense", he concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Friday, 13 September 13
DIRECTOR GENERAL OF MINERAL AND COAL OF INDONESIA REVISED UP COAL PRICE REFERENCE TO US$ 76.89
COALspot. com - The Indonesian government has revised up its owned coal bench mark price by US$ 0.19/ MT to US$ 76.89 for September 2013 deliveries ...
Thursday, 12 September 13
PANAMAX : PACIFIC ROUNDS ARE NOW REPORTED BETWEEN USD 13K AND 15K PER DAY - FEARNRESEARCH
Handy
Nickel ore is a key support SE Asia/Feast rate at the moment; vessel in N.China were fixed around USD 11-12k, ships in mid China can expect a ...
Thursday, 12 September 13
CAPESIZE MARKET WILL BECOME EVEN TIGHTER - JEFFREY LANDSBERG
COALspot.com : While it is no secret that current capesize availability has become tight and has caused capesize rates to surge, availability is set ...
Thursday, 12 September 13
OVER THE WORST? WE MIGHT FIND OUT THIS WEEK - BIMCO
The shipping market has a spring in its step, even as summer draws to a close. There is it seems, confidence that finally, we are emerging into the ...
Thursday, 12 September 13
DRY BULK MARKET RALLY COMES AT A GOOD TIME FOR MOST SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest surge of the dry bulk market has helped offset other lingering factors, which otherwise, could have plunged freight rates to new lows. Fo ...
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- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
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