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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, 26 March 14
LARGE AMOUNT OF VESSELS CHARTERED TO HAUL IRON ORE CARGOES TO CHINESE BUYERS THIS WEEK - COMMODORE RESEARCH & CONSULTANCY
COALspot.com: Through the first three days of this week, 18 dry bulk vessels have been chartered to haul spot iron ore cargoes to Chinese buyers ...
Wednesday, 26 March 14
JOIN IN THE CLEAN COAL CASE STUDY WITH SINOPEC!
Produced by CDMC Events, The 13th Clean Coal Forum 2014 will be held on June 12,13, 2014 in Beijing, China. We are glad to invite Experts ...
Tuesday, 25 March 14
INDONESIAN SUB-BITUMINOUS COAL SWAP FOR Q2 DELIVERY CLOSED $ 57.40 PMT W/E 21 MARCH 2014
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
Tuesday, 25 March 14
NEWCASTLE COAL EXPORTS JUMP 29.16% TO 2.79 MMT WEEK ON WEEK
COALspot.com: In the week ended 24 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2.79 ...
Monday, 24 March 14
SGX'S Q2'14 CFR SOUTH CHINA COAL SWAP CLOSES SLIGHTLY HIGHER W-O-W
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 1.81 percent month on month and closed at US$ 74.82 per mt as o ...
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- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Planning Commission, India
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
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