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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, 19 June 14
PANAMAX: VERY CLOSE TO BREAKING THE ALL TIME LOW RECORD - FEARNLEYS AS
Handy
The Supra-Handy market is experiencing the same market slow down as its bigger sister markets however not to the same extent. We see TA rat ...
Wednesday, 18 June 14
CHINESE STEEL PRODUCTION SETS RECORD DURING FIRST TEN DAYS OF JUNE - COMMODORE RESEARCH & CONSULTANCY
Recently released data shows that average daily crude steel production at China's key steel mills hit a record high of 1.833 million tons durin ...
Wednesday, 18 June 14
MARKET INSIGHT - TIMOS PAPADIMITRIOU
Back in January the expectations for Q3 and Q4 were more than great. Talks and claims for a rising BDI and a healthy market were coming from everyw ...
Tuesday, 17 June 14
DRY BULK FREIGHT RATES TO RISE DURING THE SECOND HALF OF 2014, AS CHINA IS EXPECTED TO START IMPORTING MORE IRON ORE FROM BRAZIL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In its latest analysis of the dry bulk market, BIMCO said that it doesn’t expect freight rates to react significantly to increased demand bef ...
Monday, 16 June 14
INDONESIAN COAL SWAPS FOR Q3 DELIVERY FALL 2.34 % MONTH ON MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
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Showing 3651 to 3655 news of total 6871 |
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- Latin American Coal - Colombia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Australian Coal Association
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
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