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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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Saturday, 27 April 13
HANDY : SLIDING ; PANAMAX : POSITIVE ; CAPESIZE : STILL ON ITS KNEES - FEARNRESEARCH
Handy
The Atlantic markets started sliding with no fresh cargoes seen in the market. The USG-Feast was at USD 18k and Black sea-Feast was at USD 11 ...
Saturday, 27 April 13
2ND CHINA INTERNATIONAL SHALE GAS SUMMIT
Press Release - 2nd China International Shale Gas Summit, 10-13 September 2013 | Chengdu, China
*The largest annual event for the shale gas indus ...
Friday, 26 April 13
LIMA SUMMIT IN JULY TO HIGHLIGHT LATIN AMERICAN MINING POTENTIAL
COALspot.com - Latin American mining industry officials and their private sector counterparts will be gathering in Lima, Peru on July 1-2 for the La ...
Wednesday, 24 April 13
FUTURE US POWER MARKET SHARES OF COAL, NATURAL GAS GENERATORS DEPEND ON RELATIVE FUEL PRICES - EIA
COALspot.com - In recent years, in US, natural gas competed more effectively with coal as a fuel for electricity generation as the cost of operating ...
Tuesday, 23 April 13
INDONESIAN STATE OWNED COAL MINER SHIPPED 4 PERCENT MORE COAL IN 1Q
COALspot.com - PT. Bukit Asam, the Indonesian state owned coal miner shipped more coal in first quarter of this year compared to the same period in ...
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- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- The University of Queensland
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Central Electricity Authority - India
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- PTC India Limited - India
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