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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.
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Friday, 10 October 14
INDONESIA TO DEVELOP DOWNSTREAM COAL INDUSTRY - JP
The government is planning to launch a program to develop the downstream coal industry to increase the commodity’s added value, an official h ...
Friday, 10 October 14
U.S. PRODUCED 83.2 MMST OF COAL IN SEPTEMBER, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.6 million short tons (mmst) of coal in ...
Thursday, 09 October 14
CAPESIZE MARKET HAS CONTINUED TO SHOW WEAKNESS - FEARNLEYS
Handy
We mentioned last week that after several weeks of rate increase for the Supras, the bigger Panamaxes started to snap up better paying Supr ...
Thursday, 09 October 14
SHIPPING REMAINS CHALLENGED AS GLOBAL GROWTH DISAPPOINTS - BIMCO
The global shipping industry finds no grace from much stronger economic activity going forward, as the global recovery remains fragile and uneven. ...
Wednesday, 08 October 14
CAPES RATE FOR THE W. AUSTRALIA TO CHINA VOYAGE MOVED TO BELOW $8/MT - INTERMODAL
The Dry Bulk market remained under pressure last week, with rates for Capes remaining on the red while those for Panamaxes managed to outperform th ...
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- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Australian Coal Association
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Romanian Commodities Exchange
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