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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Sunday, 23 March 14
THE COAL FREIGHT RATES SEEN SLIGHTLY FIRMING UP THIS WEEK - REDDY
COALspot.com: The freight market firmed up this week. BDI was up 8.26 pct week on week and index was closed at 1599 points. The Cape index was u ...
Saturday, 22 March 14
SHIP OWNERS INVEST $15 BILLION FOR NEWBUILDINGS AND SECONDHAND VESSELS DURING FEBRUARY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have kept on their aggressive stance in the investment scene both for newbuildings, as well as for secondhand vessels globally durin ...
Friday, 21 March 14
DRY BULK MARKET STAYS ON RECOVERY MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has reached new year heighs, as a result of renewed Capesize demand. The Baltic Dry Index (BDI) ended yesterday's sessio ...
Friday, 21 March 14
US COAL PRODUCTION UP 1.5%; WEST MISSISSIPPI COAL PRODUCTION DOWN 1.85% WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.0 million short tons (mmst) of coal i ...
Friday, 21 March 14
MERCURIA ANNOUNCES ACQUISITION OF J.P. MORGAN PHYSICAL COMMODITIES BUSINESS
COALspot.com: Mercuria Energy Group announced that it has reached a definitive agreement with J.P. Morgan Chase & Co. to acquire its physica ...
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- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
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