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