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Wednesday, 21 May 14
SHIPPING: MARKET INSIGHT - GEORGE LAZARIDIS
 The recent revision by the OECD of its global growth forecast has sparked a debate as to the potential outcome these new figures will have on seaborne trade. The main concern has been the slower expansion of China and other emerging markets. These markets have been the prime movers of trade over the past decade and as we witnessed over the past months, things are starting to become a tighter in terms of activity of bulk commodities.
The most important factor has been the crackdown on lending by the Chinese, which in turn prompted many organizations to revise their forecasts on Chinese GDP this year from a previous prediction of 8.2 percent, down to 7.4 percent. At the same time, many are confident that should there be a sharp slowdown in economic activity, the People’s Bank of China will step in and ease some of its monetary policies. Nevertheless, we have already seen these lending restrictions take effect on certain trades, with even difficulties in issuing letters of credit by some traders cutting down their import volumes.
The dry bulk market has felt the main brunt of these new trends, with the spring season being more limited in cargoes than usual and rates having taken a sharp turn for the worst through most of the past months. This has caused many to revise their ideas as to the overall freight market performance for 2014 and has even brought a halt in the previously peaking SnP activity, pushing for a correction in asset prices. Early May has seen an average of 3% drop in dry bulk asset prices compared to where they stood at the end of April and as many potential buyers are waiting for further corrections, this downturn could easily continue at least up until the first half of the summer.
It’s not all bad news however, as things have started to look brighter for several of the OECD countries, with both Europe and the U.S. seeing an increase in their respective growth forecasts. For the latter, many are expecting an improvement over the second half of the year, as the ample cash flow and improved demand should eventually boost their imports significantly. These are more likely to effect the tanker and more importantly container markets and should give both these a boost. It doesn’t just stop there though.
There is still ample seaborne trade to be seen this year and as the fleet growth has now been limited, shipping markets should be able to perform better then what they had 2-3 years back. In the dry bulk market we have seen 240 new buildings delivered up until now, while from the remaining 584 vessels scheduled for 2014, a significant number are likely to either be delayed or even cancelled.
It is important to note here that even during 2013 and while the market was on a more optimistic tone, the combined slippage and cancellation rate was 36.5%, while during 2014 58 new buildings have already either been re-scheduled for post 2014 or cancelled. Similarly, in the Tanker sector deliveries for this year are mild in contrast to past years. What’s more is that the Tanker sector also holds much better trade prospects for the remainder of the year and this could lead to a better year in terms of earnings.
In conclusion, all this could possibly see for a higher investment interest especially come September were we typically start to see a firmer freight market in the Dry Bulk, Tanker and Container markets. It looks as now it’s a bit of a “wait and see” game and as the clouds of uncertainty clear out we should end up with a clearer picture as to where the market is going.
Analysts:
Mr. George Lazaridis
Ms. Eva Tzima
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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Saturday, 07 June 14
U.S. MONTHLY COAL PRODUCTION SLIGHTLY HIGHER IN MAY 2014
COALspot.com – United States the world's second largest coal producer, produced approximately 19.2 million short tons (mmst) of coal in a ...
Friday, 06 June 14
RICHARDS BAY COAL TERMINAL SHIPPED 4.221 MMT OF COAL TO SOUTHERN ASIAN COUNTRIES IN MAY
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest export coal terminal in the world, shipped 5.58 million tons ...
Thursday, 05 June 14
RBCT SOUTH AFRICA SHIPPED 21% LESS COAL IN APRIL COMPARED TO MARCH EXPORTS
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest export coal terminal in the world, shipped 5.45 million tons ...
Thursday, 05 June 14
PANAMAX : THIS WEEK STARTED IN A SLOW PACE - FEARNLEYS
Handy
After last week's silent and unexciting week we see some more activity this week, especially from the South American market. The rates ...
Thursday, 05 June 14
PORT OF NEWCASTLE SHIPPED 2.91 MMT OF COAL IN THIS PAST WEEK
COALspot.com: The figure constitutes a 4.30 percent higher compared to the previous week, following a week on week decreased of 19.13 percent recor ...
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- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- The University of Queensland
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- CNBM International Corporation - China
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Planning Commission, India
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
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