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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, 30 March 14
FREIGHTS FROM INDONESIA TO INDIA IS EXPECTED TO BE SOFT NEXT WEEK - REDDY
COALspot.com: The freight market dropped drastically and all sectors were affected severely.
The BDI was down by 14.13 pct and closed at 1, ...
Friday, 28 March 14
US PRODUCED APPROXIMATELY 18.9 MMST IN A WEEK - EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal i ...
Friday, 28 March 14
CHINA'S ENVIRONMENTAL MEASURES WILL NOT CURB GROWTH IN DOMESTIC STEEL PRODUCTION AND SEABORNE IRON ORE - WOOD MACKENZIE SAYS
Steel plants in China have been targeted as a major source of the toxic smog enveloping Beijing and Shanghai. Emergency measures have been impos ...
Thursday, 27 March 14
PANAMAX : SEEMS TO HEAD FURTHER DOWN; CAPESIZE : ANOTHER CHOPPY AND UNPREDICTABLE WEEK - FEARNLEYS AS
Handy
A weaker sentiment for the smaller size as well, with reduced activity in the Atlantic where Owners have to face significantly lower ret ...
Wednesday, 26 March 14
NEWBUILDING ORDERING ACTIVITY PICKS UP PACE ON IMPROVING DRY BULK MARKET CONDITIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The gradual improvement of the dry bulk market, as expected for some time now, is urging shipowners to increase their newbuilding ordering activ ...
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- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
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