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Wednesday, 14 May 14
ALMOST THROUGH THE HALF OF THE YEAR, THE DRY BULK INDEX SHOW SIGNS OF WEAKNESS; CREATING TO BOTH EXISTING SHIP OWNERS AND POTENTIAL INVESTORS A LOT OF INSECURITY - PANOS MAKRINOS
 Almost through the half of the year, the overall shipping market and more specifically the Dry Bulk Index show signs of weakness, creating to both existing ship owners and potential investors a lot of insecurity for what is in place for the second half of 2014, as well as further disbelief to those voices that inspired by the last quarter of 2013, were calling for a stable market during 2014.
Looking back to the beginning of the year we can say that from the month of February until the time of this writing, with the exception of a small rally, the market has struggled for the greater part, with the BDI returning to below 1,000 points. More specifically, in December last year and while the Index stood above 2,000 points, the overall sentiment was calling for an equally strong market in 2014, which never came.
The market has in fact followed a persistent downward trend until mid-February when we started seeing the first signs of improvement. The latter lasted for about a month, with the BDI peaking for the year within this period but still remaining below 2,000 points, and soon after that the downward trend resumed, bringing us to today.
Seeing the low levels the freight market has been fairing, most would normally expect that second-hand prices would have followed course, but it seems that it took a while before we started seeing the first discounts off last done sales and even the levels at which most vessels come in the market today still don’t reflect the current freight environment. There are in fact cases of modern Handymax to Panamax tonnage where inspection interest remains high allowing owners to hold firm on their asking price, while at the same time there are currently a lot more sales candidates from the Far East.
On the other hand, there are those who are more conservative and therefore unwilling to accept Seller’s ideas. Besides the fact that the current price levels make no sense to them, as long as these subdued freight rates persist, they are also very sceptic when it comes to the number of deliveries set to enter service within the next couple of years, predicting that a renewed overcapacity problem will most probably surface possibly creating another market bottom. Should they be proven right, we will certainly witness another round of softening asset values, both in the second hand and the new building market, especially if scrapping activity remains at the low levels we have been witnessing during the past months and despite those sky high demo prices around.
It is always both risky and difficult to make predictions and nobody could say with certainty what the next 6 months of 2014 hold for the market. And despite the fact that things have been far from rosy so far this year, let’s not forget that the first half of 2013 wasn’t a whole lot different with most predicting further price reductions, which nonetheless never materialized.
In terms of the overcapacity being created, let’s hope that the upcoming lower emissions rules, the Dry Docking for most of the 80’s built ships that will be due soon, as well as scrap subsidies similar to the ones offered in China, could well be some of the reasons that will restrict overcapacity. Will they nonetheless be enough to protect the market from the number of vessels soon to be delivered? It’s anyone’s guess at this point.
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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Monday, 19 May 14
API 8 CFR SOUTH CHINA COAL LOST 2.49% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 2.49 percent month on month and closed at US$ 74.35 per mt as on F ...
Sunday, 18 May 14
FREIGHT RATES ARE EXPECTED TO BE FIRM NEXT WEEK
COALspot.com: The freight market was steady with the BDI was closed slightly higher at 1027 points or up 3.00 pct week on week.
The Cape ...
Friday, 16 May 14
KOMIPO IS LOOKING FOR 60K MT OF LOW VOLATILE BITUMINOUS COAL
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 60,000 Metric Tons (MT) of low volatile bitumi ...
Friday, 16 May 14
U.S. COAL PRODUCTION TOTALED APPROXIMATELY 18.9 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal i ...
Thursday, 15 May 14
PANAMAX : SHORT PERIOD UP TO ONE YEAR REPORTED IN THE 12.000-12.500 RANGE - FEARNRESEARCH
Handy
The Supra and handy market seems to be affected by the recent holidays in Singapore which still relatively quiet. There are some Indo / ...
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- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
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