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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, 08 April 14
PORT OF NEWCASTLE SHIPPED 2.90 MMT OF POWER PLANT AND SEMI-SOFT COKING COAL IN A WEEK
COALspot.com: In the week ended 07:00 hours 7 April 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensla ...
Tuesday, 08 April 14
RBCT SHIPPED 53.79% MORE COAL IN MARCH 2014
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest export coal terminal in the world, shipped 6.90 million to ...
Tuesday, 08 April 14
APRIL 2014 INDONESIAN COAL PRICE REFERENCE DROPS TO LOWEST SINCE JANUARY 2010
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised down again the coal bench mark price by US$ 2.20 / MT to ...
Tuesday, 08 April 14
TALKING ABOUT A ONE-HORSE RACE - GEORGE LAZARIDIS
Ever since the onslaught of the financial crisis, China along with the other BRIICs, have played a pivotal role in supporting global economic gr ...
Monday, 07 April 14
WEEKLY SUB-BIT FOB INDONESIA COAL SWAP CLAIMS EDGE FALL; TREND NEGATIVE
COALspot.com: Indonesian coal swaps for average Q4’ 2014 lost on month, day and on week according to AsiaClear OTC coal swap's reports ...
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- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
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