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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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Wednesday, 02 April 14
BPI BREAKING BELOW THE 1,000 PSYCHOLOGICAL LEVELS - INTERMODAL
Any resistance put forth by the Dry Bulk market the week prior was succumbed this time round. All indices slid and losses were noted across the ...
Tuesday, 01 April 14
NEWCASTLE PORT SHIPPED 11.95 MILLION TONS OF COAL IN MARCH 2014
COALspot.com: In the week ended 31 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2 ...
Monday, 31 March 14
SHIPPING CONFIDENCE HITS HIGHEST LEVEL SINCE 2008 - MOORE STEPHENS
Overall confidence levels in the shipping industry rose to their highest level for almost six years in the three-month period to February 2014, ...
Monday, 31 March 14
COAL SWAP FOR Q1 2015 DELIVERY HAS CLOSED 4.76% HIGHER COMPARED Q2 14 CLOSING
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
Monday, 31 March 14
CFR SOUTH CHINA COAL SWAP FOR Q2 14 DELIVERY LOST 1.17% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 1.17 percent month on month and closed at US$ 75.38 per m ...
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- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- PTC India Limited - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
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