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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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Friday, 28 June 13
U.S. PRODUCED 1.52 PERCENT LESS COAL WEEK ON WEEK
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 19.40 million short tons (mmst) of ...
Thursday, 27 June 13
US COAL EXPORTS BEATS CHINESE COAL IMPORTS AS THE MOST INFLUENTIAL COAL TRADE - BIMCO
The influence of American coal exports on seaborne transportation has grown significantly over the past decade. In 2002, the US exported 20.1 millio ...
Thursday, 27 June 13
HANDY : USD 12000 FOR SPOT COAL INDO/CHINA AND AROUND USD 13000 INDO/ECI - FEARNLEYS
Handy
Atlantic rates hold well. Continent to Far East is worth more than USD 14k daily whilst USG to Far East pay 23/24k a day. On the route from B ...
Thursday, 27 June 13
DRY BULK CARRIERS DOMINATE NEWBUILDING ORDERS AS SHIP OWNERS ARE ENCOURAGED BY LATEST FREIGHT RATE RALLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Newbuilding orders for dry bulk carriers were already high, compared to last year, prior to the latest rally of the Baltic Dry Index (BDI), which ha ...
Tuesday, 25 June 13
CAPESIZE MARKET TO REMAIN BULLISH SAYS ANALYST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been experiencing its long-awaited rally, with the Baltic Dry Index, the industry's benchmark rising to healthier levels fo ...
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- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
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