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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, 30 July 13
KOMIPO INVITES BIDS FOR 520,000 MT OF 5,700 KCAL/KG COAL ON NAR BASIS FOR H1, 2014
COALspot.com : Korea Midland Power Co., Ltd. has invited bids for 520,000 Metric Tons (MT) of coal with calorific value 5,700 kcal/kg on NAR basis f ...
Tuesday, 30 July 13
AUSTRALIA'S NEWCASTLE SHIPPED 12.58 PERCENT LESS COAL W-O-W
COALspot.com: Newcastle port in Australia has loaded 2,945,848 tons of coal for the week ended 0700 hours 29 July 2013, Newcastle Port Corp. s ...
Monday, 29 July 13
INDONESIA'S ENERGY NEEDS COULD SPELL GOOD NEWS FOR TANKER OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite abundant energy resources, Indonesia has still failed meet its own demand, which led to a rising import of crude. According to the latest we ...
Sunday, 28 July 13
SUB-BIT INDONESIA COAL SWAP UP SLIGHTLY FOR SEPTEMBER CARGOES
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average September 2013 delivery slightly up on day and week but fell on month on ...
Saturday, 27 July 13
CEPL INDIA TO BAG 0.3 MILLION TONS OF COAL SUPPLY ORDER FROM TNPL
COALspot.com - An India based coal trader Coastal Energy Private Limited has offered the lowest price of US$ 73.00 per metric ton for calorific valu ...
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- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Australian Coal Association
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Parliament of New Zealand
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
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