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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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Monday, 22 July 13
INDO COAL SWAP FOR AUGUST 13 DELIVERY GAINED ON WEEK BUT LOST ON DAY AND MONTH
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average August 2013 delivery slightly up on week but fell on day and month on Fri ...
Friday, 19 July 13
U.S.COAL PRODUCTION TOTALED APPROXIMATELY 19.60 MMST WEEK ENDED JULY 13
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 19.60 million short tons (mmst) of ...
Friday, 19 July 13
TNPL IS LOOKING FOR 300 K MT OF 6000 GAD COAL FOR FIVE MONTH
COALspot.com - Tamil Nadu Newsprint & Papers Ltd. , an Indian paper maker, is seeking 300,000 metric tons ± 5% (In 5 shipments about 60,0 ...
Thursday, 18 July 13
3RD ANNUAL FLOATING TERMINALS, INDONESIA
Commercial applications for offshore transshipment facilities
Floating Terminal solutions are increasingly being deployed by miners, independent ...
Thursday, 18 July 13
THE CAPE MARKET APPEARS TO BE HOLDING FIRM - FEARNLEYS AS
Handy
In the Pacific, market maintained similar levels during the week. There is several Indo coal orders in the market, ships passing Singapore fi ...
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- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- The University of Queensland
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
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