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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, 01 May 13
NEWCASTLE PORT SHIPPED 23.14 PER CENT MORE COAL WEEK ON WEEK
COALspot.com - Newcastle port in Australia has loaded 2,997,729 tons of thermal and coking coal for week ended 0700 hours 29 April 2013, Newca ...
Tuesday, 30 April 13
KATINGAN RIA THERMAL COAL TO START PRODUCTION FROM EARLY 2014
COALspot.com - Realm Resources Ltd. (ASX: RRP) has announced the completion of the Feasibility Study for its 51% owned Katingan Ria thermal co ...
Monday, 29 April 13
FIRST TRADES OF SGX API 8 CFR SOUTH CHINA COAL SWAP
COALspot.com - The SGX API 8 CFR South China Coal Swap went live for clearing on SGX-DC today with a total volume of 25,000 metric tonnes (25 lots). ...
Sunday, 28 April 13
SUB BIT INDONESIA COAL & CFR SOUTH CHINA COAL SWAPS STAY POSITIVE
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average May 2013 delivery has gained 0.34 percent and CFR South China coal shipment gai ...
Sunday, 28 April 13
PANAMAX FREIGHT COULD BE SOFT NEXT WEEK - CAPT. REDDY
COALspot.com - This BDI closed slightly lower at 871 points (down by 1.91 pct) mainly due to drop in the Panamax index by almost 10 pct.
Th ...
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- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
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