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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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Monday, 07 April 14
API 8 CFR SOUTH CHINA COAL SWAPS GAINED 2.09% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries gained 2.09 percent month on month and closed at US$ 75.68 per ...
Sunday, 06 April 14
THE FREIGHT MARKET KEEPS SLIDING
COALspot.com: The freight market continued to drop this week. The BDI (Baltic Dry Index) is a widely followed metric that reflects the overall r ...
Friday, 04 April 14
UNITED STATES COAL OUTPUT UP 5.4% IN PAST WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.9 million short tons (mmst) of coal i ...
Thursday, 03 April 14
PANAMAX SECTOR IS WATCHING A SEVERE DROP IN RATES - FEARNLEYS
Handy
A further weaker sentiment for the Supras as well in both hemispheres this week with oversupply of tonnage being the major headline. Tra ...
Wednesday, 02 April 14
CHINA: ARBITRATION CLAUSES IN BILLS OF LADING UNDER CHINESE LEGAL PRACTICE - SKULD
KNOWLEDGE TO ELEVATE
Successful incorporation of a charterparty arbitration clause into the bills of lading is not a straight forward matte ...
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- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Planning Commission, India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
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