We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Wednesday, 20 February 13
BAKRIE GROUP LOOKS TO HAVE A CLEAR UPPER HAND - LUCKY ARIESANDI, CFA
The Bakrie-Rothschild saga is entering its final stage, with Bumi Plc (BUMI LN)’s holders to convene on 21 Feb at 11am GMT to vote on Nat Roth ...
Tuesday, 19 February 13
NEWCASTLE PORT SHIPPED 38.65 PERCENT LESS COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 1,820,559 MT of thermal and coking coal for week ended 0700 hours 18 February 2013, Newc ...
Monday, 18 February 13
78.75 MILLION TONS OF COAL RESERVES ARE NEWLY PROVEN IN WUGANG HUNAN PROVINCE
COALspot.com - Recently, Wugang City, known as the CHINA hundred key coal producing cities, achieved new breakthroughs in coal exploration: deep coa ...
Sunday, 17 February 13
STEEL DEMAND WILL HELP TO PUSH UP FREIGHT RATES - VISTAAR
COALspot.com - This freight market has been fairly steady week ended 15 February 2013.
The BDI was slightly up by 0.67 pct closing at 753 points ...
Friday, 15 February 13
2ND ANNUAL INDONESIA MINING 2013 CONFERENCE
Bringing Indonesia's Mining Stakeholders Together Towards Improving Mining Investment Climate & Operations
Following the success of th ...
|
|
|
Showing 4376 to 4380 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Economic Council, Georgia
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- White Energy Company Limited
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
|
| |
| |
|
