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