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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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- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- The University of Queensland
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Parliament of New Zealand
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
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