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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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Tuesday, 25 June 13
NEWCASTLE PORT SHIPPED OUT MORE COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 3,101,378 tons of coal for the week ended 0700 hours 24 June 2013, Newcastle Port Corp. ...
Monday, 24 June 13
INDONESIA COAL SWAP FOR AUGUST 2013 DELIVERY GAINS WEEK ON WEEK
COALspot.com – Coal prices for immediate supply contracts have started moving up, but prices for next year supply shows a negative trend ...
Sunday, 23 June 13
BDI CROSSED ITS PSYCHOLOGICAL BARRIER THIS WEEK - VISTAAR
COALspot.com : The BDI crossed the psychological barrier of 1000 points after many months and closed at 1,027 points, which were up by 14.11 pct wee ...
Friday, 21 June 13
U.S. COAL PRODUCTION INCREASED WEEK ON WEEK, EIA SAYS
COALspot.com – United states the world’s second largest coal producer produced totalled approximately 19.70 million short tons (mmst) of ...
Thursday, 20 June 13
CAPESIZE : FINALLY A SUBSTANTIAL IMPROVEMENT IN RATES! - FEARNLEYS A.S
Handy
Atlantic market kept a steady curve from last week. US Gulf positions fetched tick above USD 21k for Cont/Skaw direction, and vessels fixed f ...
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- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Planning Commission, India
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Central Electricity Authority - India
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- MS Steel International - UAE
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
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