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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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Tuesday, 13 August 13
AUSTRALIA NEWCASTLE COAL EXPORTS JUMP 30.61 PERCENT ON WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 30.61 per cent week on week to 2.95 million mt for ...
Monday, 12 August 13
GBCE SUCCESSFUL IN UPGRADING LOW RANK INDONESIAN COAL ON INDUSTRIAL SCALE
COALspot.com : GB Clean Energy Ltd. (GBCE) has annoused that, the company has successfully upgraded 2,426 tonnes of low rank 4,018 kcal NAR Ind ...
Monday, 12 August 13
INDIA - SAFE SHIPMENT OF IRON ORE FINES FROM INDIAN PORTS - WEST OF ENGLAND P&I CLUB
As Members may be aware, in 2009 two ships, the ‘Asian Forest’ and the ‘Black Rose’, capsized and sank following the liquefa ...
Sunday, 11 August 13
INDONESIAN COAL SWAPS : FLAT ON DAY
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average Q4 2013 delivery flat on day due to holidays in Indonesia, Malaysia & ...
Sunday, 11 August 13
SUPRAMAX FREIGHT RATES FROM INDONESIA TO INDIA CONTINUED TO BE SOFT - VISTAAR
COALspot.com : The freight market was soft this week with all indices down , the reason could be long weekend holidays in Indonesia, Singapore and M ...
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- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- GMR Energy Limited - India
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- White Energy Company Limited
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- MS Steel International - UAE
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
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