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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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- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Indika Energy - Indonesia
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
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