We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 11 June 13
COAL: NO SIGN OF RECOVERY - GABRIELLA
COALspot.com: We attended the 19th Annual Coaltrans Asia Conference, where we found most of the speakers were not very optimistic on the outlook for ...
Tuesday, 11 June 13
NEWCASTLE PORT SHIPPED MORE COAL WEEK ENDED 11 JUNE 2013
COALspot.com - Newcastle port in Australia has loaded 3,104,509 tons of coal for the week ended 0700 hours 11 June 2013, Newcastle Port Corp. ...
Tuesday, 11 June 13
OUTLOOK FOR CAPESIZES LOOKS GRIM, DESPITE FALLING IRON ORE PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Things aren't looking all that rosy for the dry bulk market, despite a stronger volume of iron ore imports during the months of March and April, as ...
Sunday, 09 June 13
CFR SOUTH CHINA COAL SWAP IS UNDER PRESSURE
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average July 2013 delivery have lost 0.03 percent week on week but gained 0.07 pe ...
Sunday, 09 June 13
IRON ORE DEMAND: WEAK; COAL MOVEMENT: STEADY TO INDIA AND CHINA - CAPT. REDDY
COALspot.com - The freight market was fairly steady with BDI up by 0.37 per cent closed at 812 points this week.
The Cape index was also ended in ...
|
|
|
Showing 4251 to 4255 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Australian Coal Association
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
|
| |
| |
|
