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