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Tuesday, 13 May 14
YET ANOTHER POSIDONIA EXHIBITION IS ON ITS WAY - INTERMODAL
 With less than a month to go before another Posidonia exhibition starts and all the parties and celebrations get under way we thought that it would be interesting to do a little comparison as to the state of the market and how things were viewed during the last Posidonia two years ago and comparatively where we find ourselves today. It has been quite a bumpy ride with many twist and turns that one might say were unexpected. Through this we found ourselves in both times of lucrative opportunities as well as times of despair. But the question remains, how have the markets faired so far and is there something positive to look forward to in the future, or putting it more bluntly is it going to be a Posidonia of smiles and parties or one of pitiful sobbing and long faces?
It seems only yesterday that Posidonia 2012 was kicking off and many could see much in the horizon to worry about and concern over. The difficulties of the Post-Financial crisis had just started their most prominent face. Freight rates had just had one of their most significant drops during the first half of the year, dropping to highly uninspiring levels (in some cases below OPEX) and staying there for months on end. The over-swollen orderbook of the past had finally caught up with us with ever more newbuildings entering active ser- vice and pushing the market into further oversupply. What’s more, is that this felt like only the begging as there was still a large number of vessels scheduled for delivery over the rest of 2012 and the majority of 2013. Ship finance had all but halted in its tracks with a number of prominent shipping banks announcing that they were putting their portfolios up for sale. And the troubles seem to not just end there. Downgrading of a series of A-list banks as well government credit ratings, continually falling economic growth figures for the global economy and no light to be seen at the end of the dark tunnel we were in. Hope was there for 2014 but it seemed such a long way away and many felt as if things would get a whole lot worse before they got better.
So what happened to all these worries and concerns in the end and what effects did they end up having for the market? The freight market continued to hold at fairly depressed levels up until early September 2012 and even then the peak period of the autumn and winter months was considerably subdued compared to other years. This lead to a series of drops in the Secondhand and newbuilding markets as Sellers and Shipbuilders started to become more realistic with regards to the prevailing market conditions. As these drops started to become ever more prominent buying activity started to peak. 2012 proved to have a higher volume in secondhand transac- tions then 2011 and with prices continuing their drop ever more buyers, who had been waiting in the sidelines with cash at hand, started to toy with the idea of acting on their instincts. We therefore found ourselves reaching the asset price lows of late 2012 and with the start of the new year a buying frenzy began. This buying frenzy was not just limited to secondhand units any more. New orders started to pie on, as many felt that by the time they would be deliv- ered there would not be a dark cloud in sight. This ever increasing interest had a strong effect on prices and although freight rates were still holding at rock bottom levels the longer term picture was looking more promising while many felt that there was a strong case for asset play. This was all up until September, were this time around the seasonal boom in the freight market was significant to such an extent that it reached levels last seen in 2010. This fed fur- ther into the buying loop push asset prices off the roof.
Come 2014 and the sentiment and optimism started to fade as the freight market started to take a hit or two. The once hopeful pro- spects of 2014 started to show a darker side. It seems as though the troubled global economy is not out of the woods yet and has several obstacles to overcome before everything is back to nice and rosy again. The strong hold of China that has been keeping the global economy in motion these past years has showed signs of strain through its troubled financing sector. Shadow financing has played a pivotal role in keeping the ball rolling in the past as we have men- tioned before and as the government starts to put pressure on this excess lending traders have found it difficult to cover their credit requirements, even backing off from trades due to lack of credit lines. All these have started to now take effect on the Sale and Pur- chase of vessels as well, with the price momentum of the past now coming to a halt and starting to show small signs of weakening.
So where do we find ourselves today? It seems that there is still a long way to go before the market finds a more stable foothold and we see the upside of the typical market cycles. Global Growth has recently been revised slightly up and it looks like the second half of 2014 will be more optimistic than the first. Nevertheless, the order- ing frenzy that took place during the past year has gradually lead to a much larger orderbook and this might put further strain on the balance between supply and demand. The much anticipated recov- ery might not be there just yet, however it looks as though we are on a good path for now and there are still plenty of opportunities to be had. Let’s hope things will only get better from here on out.
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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Thursday, 26 June 14
COAL DIVESTMENT CAMPAIGNS COME WITH RISKY UNINTENDED CONSEQUENCES - WCA
Last week I presented to the Expert Group on investments in coal and petroleum companies, the body set up to advise the Norwegian Government on whe ...
Wednesday, 25 June 14
INDONESIAN COAL EXPORTS ON RISE; EARNINGS FALL ON LOWER SELLING PRICES
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.84* ...
Wednesday, 25 June 14
THE PANAMAX MARKET REACHED FRESH LOWS FOR THE YEAR, SAYS INTERMODAL
COALspot.com: The Dry Bulk market closed off the week noting a slight decrease, but this image of stability is merely representative of freight rat ...
Wednesday, 25 June 14
SHIPPING: MARKET INSIGHT - YANNIS OLZIERSKY
During his recent visit in London, China's Premier, Li Keqiang, announced that China's economy, the world's second largest after the US ...
Tuesday, 24 June 14
INDONESIAN COAL MINER TARGETS RP 313 BILLION IPO
COALspot.com: Indonesian coal miner PT Mitrabara Adiperdana is aiming to raise up to Rp 313 billion to Rp 368 billion (approximately $26.133 millio ...
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- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
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