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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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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 / ...
Thursday, 15 May 14
USA COAL CONFERENCE
Press Release: IHS Inc. (NYSE: IHS), the leading global source of information and analysis, will host the Coal USA Conference, June 18-20, 2014, ...
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- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- The University of Queensland
- PNOC Exploration Corporation - Philippines
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