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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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Saturday, 27 July 13
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES ARE EXPECTED TO REMAIN STEADY - CAPT.REDDY
COALspot.com : The freight market seemed to soften this week with BDI , Cape and Panamax indices dropped average 5 percent on week.
The BDI was d ...
Thursday, 25 July 13
CAPESIZE : PACIFIC AND ATLANTIC RATES ARE HOLDING STEADY - FEARNLEYS AS
Handy
The Far East market remains quiet even if some Indo coal trip orders were fed in the market at early this week. Prompt ships passing Singapor ...
Thursday, 25 July 13
SUMMER LULL CHIPPING AWAY RECENT GAINS IN DRY BULK FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In what seems to be establishing as a permanent trend, at least for the time being, the dry bulk market kept on retreating yesterday, even if this r ...
Tuesday, 23 July 13
NEWCASTLE'S COAL EXPORTS CLIMB 17.82% ON WEEK, PORT'S DATA SHOWS
COALspot.com: Newcastle port in Australia has loaded 3,369,865 tons of coal for the week ended 0700 hours 22 July 2013, Newcastle Port Corp. s ...
Monday, 22 July 13
DRY BULK MARKET DIFFICULT TO MAINTAIN POSITIVE DRIVE CLAIMS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has seen a significant recovery in recent weeks, leading most ship classes to earnings above their operating expenses, thus brin ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
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