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Wednesday, 16 April 14
Q1 2014 : TERMS OF FREIGHT RATES THE PERFORMANCE IN THE DRY BULK MARKET HAS NOT MET THE HIGH EXPECTATIONS - INTERMODAL
 This year the dates for the celebration of Easter will coincide for the Orthodox and the Catholic, so we are already seeing most people in the market getting into a more relaxed mood. Saying that, this could probably be the worst time to relax, especially if you are involved with the Dry Bulk market, as the latter has been losing ground constantly for the past three weeks.
Despite the negative performance, we are witnessing asset values remaining at much higher levels than compared to those of August 2013, the same period the BDI had last visited the 1,000 level mark. At the same time the average TC is either worse than what it was back then, as in the case of Capes and Panamaxes or just a tad better, as in the case of the smaller size segments. But even in the case of Supras and Handies that experience a slightly better freight market, the second hand values are way higher than what they were 8 months ago.
Let’s take the example of a seven year old Panamax, which was sold at around USD 18 mil back in August. The market for the same vessel today would be somewhere around USD 26 mil, while the average TC for the segment stands at around USD 6,500/day, when back in August it was around USD 7,500/day. During the past month, the number of sales candidates has increased a lot.
If someone takes a closer look, they can see that, with the exception of Japanese owned vessels maybe, the majority of sales candidates are vessels that were bought at very low levels sometime between 2012 and 2013, which means that their owners are hoping to lock a good profit from selling back their vessels. A number of fifteen year old Handymax vessels that were bought between USD8mil and USD 9mil in either 2012 or 2013, are currently in the market for a price tag of around USD 13.5mil, which undoubtedly is a great return.
Psychology, as always, is still playing a very important role for both buyers and sellers, while it is currently very difficult for anyone to make predictions, as the markets nowadays are influenced by many factors, some of which are not even explicit in the way they are linked to the shipping market. Under such circumstances, and with the freight rates being in a free fall during the past weeks, some potential buyers are more hesitant to go ahead with a purchase. At the same time, others believe that the bad performance of rates is only periodic and try to take advantage of a possible break down in the psychology of Sellers, who might have started feeling less confident than before, both because of the bad market but also due to the decreased number of potential buyers around, most of them having already made an acquisition during the past year.
So if we try to summarize the first quarter of 2014, we can say that in terms of freight rates the performance in the Dry Bulk market has not met the high expectations created following the mini rally at the end of last year, but at the same time there are a lot of people who firmly believe that the market will make a come-back in 2014 and freight rates will bounce back up. Evident of this optimism is the firm numbers still being achieved in the second-hand market even for older vessels, like in the case of the ‘ASIAN EXCELSIOR’ (45kdwt-blt96 Taiwan), which was very recently sold in excess of USD 11 mil.
So let’s hope that going forward the performance of freight market will follow that of the second-hand market, so that our industry gets a break and starts operating under healthier fundamentals and sustainable growth.
Happy Easter to Everyone!
Analysts:
Mr. George Lazaridis | g.lazaridis@intermodal.gr
Ms. Eva Tzima | e.tzima@intermodal.gr
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 23 April 14
KOMIPO INVITES BIDS FOR LOW VOLATILE BITUMINOUS COAL
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 90,000 Metric Tons (MT) of low volatile bit ...
Tuesday, 22 April 14
INDONESIAN MARCH COAL EXPORT VOLUME SURGE 9.12% TO 35.54 MMT
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.9 ...
Tuesday, 22 April 14
NEWCASTLE WEEKLY COAL EXPORTS FELL 13.33% THIS PAST WEEK
COALspot.com: In the week ended 07:00 hours 21 April 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensl ...
Monday, 21 April 14
Q1'15 SUB-BIT FOB INDONESIA COAL SWAP SHOWING A POSITIVE TREND
COALspot.com: Indonesian coal swaps for average Q2’ 2014 gain on month and on week according to AsiaClear OTC coal swap's reports rele ...
Monday, 21 April 14
Q4 2014 AND Q1 2015 COAL SWAPS CLOSED MARGINALLY HIGHER COMPARED TO Q2 PRICES
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries gained 0.87 percent month on month and closed at US$ 76.15 per mt as ...
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- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- The University of Queensland
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Deloitte Consulting - India
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
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