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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, 07 June 13
MEDITERRANEAN COAL MARKETS
Press Release: 3rd International Conference Mediterranean Coal Markets will be held on 16-17th of September 2013, Istanbul, Turkey, Ceylan Intercont ...
Friday, 07 June 13
US'S COAL PRODUCTION INCREASED BY 0.54 PER CENT THE WEEK ENDED JUNE 1
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 18.60 million short tons (mmst) of ...
Thursday, 06 June 13
WE ARE SEEING SOME FRESH INDO COAL TO CHINA AND INDIA - FEARNRESEARCH
Handy
In the Atlantic, the Gulf remains firm for the next week with a few orders in the market. The Supramaxes are seeing around low 20k for fronth ...
Wednesday, 05 June 13
DON'T AVOID PAYING COAL ROYALTY TO THE GOVERNMENT - INDONESIAN ENERGY MINISTER
COALspot.com – “Every country has the right to make policies to protect their national interests”, Energy and Mineral Resources Mi ...
Tuesday, 04 June 13
NEWCASTLE PORT SHIPPED 2.56 MILLION TONS OF COAL IN A WEEK
COALspot.com - Newcastle port in Australia has loaded 2,563,596 tons of coal for week ended 0700 hours 3 June 2013, Newcastle Port Corp. said ...
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- LBH Netherlands Bv - Netherlands
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- Karbindo Abesyapradhi - Indoneisa
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- Indonesian Coal Mining Association
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- Altura Mining Limited, Indonesia
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- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
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- Rio Tinto Coal - Australia
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- Commonwealth Bank - Australia
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- Goldman Sachs - Singapore
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- Planning Commission, India
- Australian Coal Association
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- Africa Commodities Group - South Africa
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Bhatia International Limited - India
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
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