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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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Sunday, 13 April 14
INDONESIA TO INDIA FREIGHT MARKET DECLINE CONTINUES
COALspot.com: The freight market continued to drop this week and BDI almost touched 1000 points. BDI closed at 1002 points fell 16.85 pct week o ...
Saturday, 12 April 14
HOW DO YOU CALCULATE LOSS OF EARNINGS FOLLOWING A COLLISION? - INCE & CO
KNOWLEDGE TO ELEVATE
The recent case of Astipalaia vs Hanjin Shenzhen [2014] EWHC 120 (Admlty) has revisited the existing case law on asses ...
Friday, 11 April 14
US COAL PRODUCTION IN MARCH INCREASED 9.69% TO 82.6 MMST MONTH ON MONTH
COALspot.com – United States the world's second largest coal producer, produced approximately 19.10 million short tons (mmst) of coal ...
Thursday, 10 April 14
DRY BULK MARKET IS RISING CLAIMS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the recent fall of the Baltic Dry Index (BDI), when one compares the first quarter of 2014, to similar quarters of the recent past, it i ...
Wednesday, 09 April 14
DRY BULK MARKET STRUGGLED THROUGHOUT THE WEEK - INTERMODAL
The Dry Bulk market struggled throughout the week but the poor performance across the board didn't allow for any positive reversal, pushing ...
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- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Planning Commission, India
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Latin American Coal - Colombia
- The University of Queensland
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- CNBM International Corporation - China
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