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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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Wednesday, 03 July 13
NEWCASTLE COAL EXPORTS DIP 24.79 PER CENT WOW
COALspot.com - Newcastle Coal exports fell 24.79% to 2.33 million tons WoW.
Newcastle port in Australia has loaded 2,332,513 tons of coal for the ...
Monday, 01 July 13
12TH CLEAN COAL FORUM INDONESIA 2013
Press Release: Produced by CDMC Events, The 12th Clean Coal Forum Indonesia 2013 will be held on Dec 5-6,2013 in Jakarta, Indonesia. It will generat ...
Monday, 01 July 13
INDIA AND CHINA STILL DOMINATING THE INDONESIAN THERMAL COAL EXPORT MARKET
COALspot.com: Indonesia, the world's largest multi types coal exporter shipped 35.83* million tons of coal in May 2013, 1.40 per cent l ...
Sunday, 30 June 13
YEAR 2014 INDO SUB-BIT COAL SWAPS EXPECTED TO STAY BELOW 2013 LEVEL
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average August 2013 delivery have gained 0.08 percent on a day lost on week ...
Sunday, 30 June 13
CAPESIZE RATES SEEN INCREASING ON HIGH DEMAND - VISTAAR
COALspot.com - The BDI continued to rise and saw a big gain on Friday. BDI increased 14 per cent week ended 28 June 2013, closed at 1171 points driv ...
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- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- MS Steel International - UAE
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- The University of Queensland
- PTC India Limited - India
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
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