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