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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 15 April 14
NEWCASTLE SHIPPED MORE COAL WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 14 April 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensl ...
Monday, 14 April 14
SUB-BIT FOB INDO COAL SWAP FOR Q1' 15 DELIVERY CLOSED AT US$ 60.12 PER MT
COALspot.com: Indonesian coal swaps for average Q4’ 2014 gain on month and on week according to AsiaClear OTC coal swap's reports rele ...
Monday, 14 April 14
INDONESIA'S Q1 COAL PRODUCTION LITTLE CHANGED EVEN WITH PRICE DROP - INVESTOR DAILY
Indonesia’s coal production by volume in the first quarter remained little changed from the same period last year despite the decline in t ...
Monday, 14 April 14
API 8 CFR SOUTH CHINA COAL SWAPS GAIN FOR THE MONTH & WEEK
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries gained 4.61 percent month on month and closed at US$ 76.18 per mt as ...
Monday, 14 April 14
CHINA'S MEASURES TO STIMULATE ECONOMY'S GROWTH COULD OFFER ROOM FOR STABILITY IN SHIPPING MARKETS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Since the outbreak of the 2008-crisis, the shipping industry, in most of its aspects, i.e. dry bulk and tanker markets alike, has been dealing w ...
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- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Parliament of New Zealand
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
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