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