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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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Thursday, 09 May 13
THE WORLD LARGEST POWER PLANT COAL EXPORTER SHIPPED 36 MILLION TONS OF COAL IN MARCH
COALspot.com: Indonesia, the world largest multi grade coal exporter has shipped 36.165* million tons of coal in March 2013.
Ac ...
Thursday, 09 May 13
DRY BULK SHIP OWNERS KEEP BUILDING NEW VESSELS ON THE BACK OF LOWER PRICES AND IMPROVED MARKET PROSPECTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite the doom and gloom that the dry bulk market has experienced during the past couple of years and especially during 2012, ship owners have inc ...
Thursday, 09 May 13
HANDY : RBCT ROUNDS FIXED AT USD 8000 DOP ECI - FEARNRESEARCH
Handy
The atlantic market started to pick up with new orders. The USG-Feast was at USD 20k and Black sea-feast was at USD 12k. The pacific mkt rema ...
Wednesday, 08 May 13
PANAMAX VESSELS PROVE TO BE "STARS OF THE MONTH" FOR THE DRY BULK MARKET DURING APRIL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
They have taken a beating on various occasions during the past few years of the dry bulk market's crisis, but the fact remains, that despite the he ...
Tuesday, 07 May 13
NEWCASTLE PORT'S COAL EXPORTS HOLD STEADY WEEK ON WEEK
COALspot.com - Newcastle port in Australia has loaded 2,975,160 tons of thermal and coking coal for week ended 0700 hours 6 May 2013, Newcastl ...
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- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Australian Coal Association
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
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