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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, 09 July 13
NEWCASTLE COAL EXPORTS JUMP 27.53% ON WEEK TO 2.97 MILLION MT
COALspot.com - Newcastle Coal exports up 27.53% to 2.97 million tons W-o-W.
Newcastle port in Australia has loaded 2,974,715 tons of coal for the ...
Tuesday, 09 July 13
CAPESIZE: SHOT UP; PANAMAXES: NOT SO LUCK; SUPRAS: SLIGHTLY BETTER; HANDIES: SOFT - INTERMODAL
COALspot.com : June 2013 Recap
A renewed Capesize market this month (June 2013) was the cause for much of the overall noteworthy performanc ...
Tuesday, 09 July 13
THE 11TH DEEP COAL PROCESSING FORUM 2013
Press Release : The 11th Deep Coal Processing Forum 2013 will be held in November Beijing China.
CDMC Events is pleased to announce that 11 ...
Monday, 08 July 13
ECO-FRIENDLY COAL FOR CHINA - VALUE FOR THE ENVIRONMENT AND VALUE FOR THE POWER GENERATOR - BY: LINDSAY JUNIPER
COALspot.com : January 2013 saw an episode of extreme particulate pollution in Beijing 35 times worse than the safe level recommended by the World H ...
Sunday, 07 July 13
FREIGHT MARKET IS EXPECTED TO BE SOFT TO STABLE NEXT WEEK- VISTAAR
COALspot.com - The freight market softened for the week ended 5 July 2013, and experienced a decline in all sectors, including BDI. Bulk dry Index d ...
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- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
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