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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, 29 May 13
SHIP OWNERS KEEP ON SPENDING ON NEWBUILDINGS AS PRICES ARE DEEMED TOO LOW TO RESIST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It's been yet another week on increased newbuilding ordering activity with Hellenic ship owners appearing rathe active, on the back of attractive f ...
Tuesday, 28 May 13
NEWCASTLE PORT SHIPPED 9.76 PERCENT MORE COAL W/E 27 MAY 2013
COALspot.com - Newcastle port in Australia has loaded 2,420,366 tons of coal for week ended 0700 hours 27 May 2013, Newcastle Port Corp. said ...
Sunday, 26 May 13
AMPLE SUPPLY, LOW DEMAND KEEP COAL PRICES UNDER PRESSURE
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average July 2013 delivery have lost 0.07 percent and API 8 CFR South China Coal shipment los ...
Friday, 24 May 13
ENGAGEMENT WITH POTENTIAL STRATEGIC AND OFF TAKE PARTNERS ACCELERATING - REALM RESOURCES
COALspot.com - Following the recent completion of the Feasibility Study, the Realm Resources Ltd. (ASX: RRP) has focused on securing strategic ...
Friday, 24 May 13
US'S COAL PRODUCTION INCREASED WEEK ON WEEK
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 18.90 million short tons (mmst) of ...
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- Electricity Authority, New Zealand
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- AsiaOL BioFuels Corp., Philippines
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- PTC India Limited - India
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
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- MS Steel International - UAE
- Romanian Commodities Exchange
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- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
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- Tamil Nadu electricity Board
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- Singapore Mercantile Exchange
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- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
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- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
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- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
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- Star Paper Mills Limited - India
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- Sojitz Corporation - Japan
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- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
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- Sinarmas Energy and Mining - Indonesia
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- Orica Australia Pty. Ltd.
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- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
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- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Economic Council, Georgia
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
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