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