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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, 19 June 13
NEWCASTLE SHIPPED 16.05 PERCENT LESS COAL W/E 17 JUNE 2013
COALspot.com - Newcastle port in Australia has loaded 2,606,071 tons of coal for the week ended 0700 hours 17 June 2013, Newcastle Port Corp. ...
Sunday, 16 June 13
WEAK DEMAND KEEPS COAL PRICES LOW
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average July 2013 delivery have lost 2.94 percent week on week but gained 0.06 percent ...
Saturday, 15 June 13
S7 AND S8 ROUTES ARE EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - This week freight movement was fairly firm with news of China is rebuilding iron ore stockpiles, and ease import rules. Cape and Pana ...
Saturday, 15 June 13
SHIPPING CONFIDENCE REACHES HIGHEST LEVEL FOR TWO AND A HALF YEARS - MOORE STEPHENS
Overall confidence levels in the shipping industry rose to their highest level for two and a half years in the three months ended May 2013, accordin ...
Friday, 14 June 13
U.S. COAL PRODUCTION TOTALED APPROXIMATELY 18.20 MILLION SHORT TONS W/E 8 JUNE 2013
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 18.20 million short tons (mmst) of ...
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- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- The University of Queensland
- The Treasury - Australian Government
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Planning Commission, India
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
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