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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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Sunday, 07 July 13
COAL PRICES REMAIN UNDER PRESSURE
COALspot.com – Coal swaps for the year 2014 indicate that, the pressure on coal prices will continue at least until next year. Ave ...
Friday, 05 July 13
THE DRY BULK MARKET IS GOING FROM STRENGTH TO STRENGTH - INTERMODAL
The Capesize sector has been one that has gone through a wild rollercoaster of emotions this past decade, ranging from the exuberance witnessed duri ...
Thursday, 04 July 13
CHALLENGER SIGNS FORMAL EXCLUSIVE MINING AND MARKETING AGREEMENT FOR ABBR PROJECT IN CENTRAL KALIMANTAN
COALspot.com - Challenger Deep Resources Corp., through its subsidiary PT Bestindo Energy has signed the formal exclusive Mining and Marketing agree ...
Thursday, 04 July 13
ASX LISTED QBL TO ACQUIRE INTERESTS IN MOZAMBIQUE COAL EXPLORATION LICENSES
- QBL to acquire interests in two Mozambique exploration licences prospective for coal
- Licenses located in the highly prospective Zambezi basin, ...
Thursday, 04 July 13
HANDY : INDO/CHINA, CHARTERERS RATING AROUND US$ 10,000 - FEARNLEYS AS
Handy
The Feast market firmed slightly up as mid-July cargos entered the market, but charterers seems not in hurry to cover them and looking for ch ...
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- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Australian Coal Association
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- PTC India Limited - India
- Minerals Council of Australia
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
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