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