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