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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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Wednesday, 07 August 13
HANDIES : FINDING IT DIFFICULT TO SUSTAIN THEIR PREVIOUS LEVELS - KONSTANTINOS KONTOMICHIS
Broker's insight
by Konstantinos Kontomichis,
SnP Broker
Entering the most predictable month of the year, as expected the seasonal effects ha ...
Tuesday, 06 August 13
UNLEASHING SHALE GAS POTENTIAL AS A GLOBAL ENERGY GAME CHANGER
In its 4th year running, the Annual Shale Gas Conference will bring leaders from North American shale gas operators, key Asian regulators, multi ...
Tuesday, 06 August 13
GBCE APPOINTS BENJAMIN WILEY AS NEW MANAGING DIRECTOR
COALspot.com : GB Clean Energy Ltd. (GBCE) announced today that Mr. Benjamin Wiley has been appointed as Managing Director.
Mr. Wiley has ...
Tuesday, 06 August 13
AUSTRALIAN NEWCASTLE PORT'S COAL EXPORTS FALL 23.16 PERCENT ON WEEK TO 2.26 MMT
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port fell 15.8 percent week on week to 2.26 million mt for ...
Monday, 05 August 13
PAPERLESS TRADING (ELECTRONIC BILLS OF LADING) - FREQUENTLY ASKED QUESTIONS ("FAQS") - UK P&I CLUB
A number of Members have contacted the Club with queries regarding the use of electronic bills of lading and any potential consequences for P&I ...
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- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- White Energy Company Limited
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- MS Steel International - UAE
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Australian Coal Association
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
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