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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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Tuesday, 14 May 13
NEWCASTLE PORT'S COAL EXPORTS FALL 6.83 PERCENT
COALspot.com - Newcastle port in Australia has loaded 2,771,891 tons of thermal and coking coal for week ended 0700 hours 13 May 2013, Newcast ...
Monday, 13 May 13
SGX ASIACLEAR OTC COAL SWAPS : RELATIVELY STABLE
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average June 2013 delivery has gained 0.15 percent and API 8 CFR South China Coal shipment&nb ...
Saturday, 11 May 13
INDONESIA TO INDIA COAL FREIGHT RATES ARE EXPECTED TO BE FLAT TO SOFT NEXT WEEK
COALspot.com - This week the market remained flat compared to last week. BDI slightly up 0.68 pct and closed at 884 points and the cape size index u ...
Friday, 10 May 13
U.S. PRODUCED TOTALED APPROXIMATELY 18.5 MMST OF COAL W/E 4 MAY 2013
COALspot.com - U.S. produced totaled approximately 18.5 million short tons (mmst) of coal in a week (For the week ended 4 May, 2013), EIA said in it ...
Thursday, 09 May 13
KILLARA AUSTRALIA ACQUIRES 80% INTEREST IN BORNEO EMAS HITAM
COALspot.com - Killara Resources has announced that, the company has signed a binding MoU to acquire an 80% equity interest in PT. Borneo Emas Hitam ...
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- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- CNBM International Corporation - China
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- The University of Queensland
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
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