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Wednesday, 17 September 14
SHIPPING MARKET INSIGHT - GEORGE LAZARIDIS
 Since the onslaught of 2013 the rising tide of asset prices had been primarily driven by the increasing freight market conditions and the improving sentiment as to the future prospects of the Dry Bulk markets. Having put behind them the “lean” years of 2011 and 2012, owners were starting to feel more confident about the conditions they would face moving forward.
Many saw a more balanced market were the ore reasonable delivery schedule of newbuildings (compared to that of 2012) would be met with the equal demand growth that they had been accustomed to during the period post the 2008 crisis.
This was a fairly reasonable assumption as there seemed to be nothing in sight that could stop the insatiable appetite from the developing economies for further growth and higher consumption of raw materials. This all proved the more reasonable when just at the start of the final quarter of 2013 a major rally in the freight markets started to take place, bringing earnings to levels that were long forgotten.
Yet this rosy picture painted by many in their mind was already breaking at the seams. The freight market started to plummet back down to the levels seen in early 2013 and whispers started to emerge of an imminent slowdown in growth by the dry bulk’s major driving economy, namely China. Yet this did not seem to have the strong impact many would have anticipated in the secondhand market. Prices continued to climb at an extraordinary rate peaking late April early May were a promise of a strong spring market never materialized. Yet even after this, the correction was only marginal. So why is there still such optimism amongst buyers? and more specifically why still for the larger capsize vessels?
Many may be still convinced that appetite will still be there going forward for both iron ore and coal by the world’s second largest economy. In all truth there may well be a new stimulus plan just around the corner and things may well get back on track with regards to demand. But it seems there is a more indirect cause at play here. While the continual increase in asset prices may be seen as a reflection of a more bullish approach by investors, it seems to be more the excess of financing and the high price ideas held by the few available sellers in the market.
With regards to the former, one must not forget that finance was not easily available during 2011-2012, especially for secondhand purchases and as a consequence the large influx of cash has made most buyers willing to splash out more in order to fuel their expansion plans.
This will inevitably have some consequences going forward as most of this readily available cash comes at a much higher cost then what the traditional bank driven finance would have. As to the side of the sellers, there are few out there willing to part with their assets at lower prices than they have been used to seeing over the past couple of months, and holding a more optimistic view themselves, they are only truly willing sellers at the currently prevailing prices.
The question that holds is how long will this new price reality hold? And will freight rates eventually show the recovery all these prospective buyers are hoping for?
Compiled by:
Intermodal Research & Valuations
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.
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, 13 October 14
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 54.92, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for delivery Q4' 2014 decreased US$ 0.80 (-1.46%) month over month and US$ 0.52 (-0.95%) week over ...
Monday, 13 October 14
INDONESIAN COAL SWAPS FOR DELIVERY Q4' 2014 GAINED WEEK ON WEEK AND DAY ON DAY
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 gained week on week and day on day.
The swap lost US$ 0.13 (-0.25%) month on mon ...
Monday, 13 October 14
Q1' 2015 CFR SOUTH CHINA COAL SWAP CLOSED US$ 0.31 PMT HIGHER THAN Q4' 2014 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 0.66 (-1.00%) month over month and US$ 0.40 (-0.61%) ...
Sunday, 12 October 14
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE WEAK - VISTAAR
COALspot.com: This week all the segments softened. The BDI down 7.13 pct week on week and closed below 1000 points at 963 points.
The Cape ind ...
Saturday, 11 October 14
COAL PRODUCTION RISES ONLY SLIGHTLY AS GOVT LIMITS MINING OPERATIONS - THE JAKARTA POST
Indonesian coal production rose by only 4 percent in the first nine months of this year, a relatively low increase compared to previous years, as t ...
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- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Bhatia International Limited - India
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
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