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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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Thursday, 02 October 14
CAPESIZE - DULL AND WITHOUT MUCH DIRECTION AS IRON ORE AND COAL VOLUMES FAIL TO LIVE UP EXPECTATIONS
Handy
After the recent weeks´ rate increase in the Atlantic we see Panamaxes snapping up handymax and Supra cargoes at much lower levels, p ...
Wednesday, 01 October 14
ASIAN THERMAL COAL PRICES TO REMAIN WEAK ON OVERSUPPLY - FITCH
COALspot.com: The thermal coal market in Asia will remain oversupplied in the next 12 months, in spite of on-going rationalisation of production, a ...
Wednesday, 01 October 14
PANAMAXES: DEFENSIVE, STRUGGLING TO KEEP ANY FURTHER DECREASES - INTERMODAL
COALspot.com: The Dry Bulk market seemed unable to shake off the trend of the week prior and the BDI remained on a downward slope for the bigger pa ...
Wednesday, 01 October 14
FITCH: GLOBAL ECONOMY FACES MULTI-SPEED RECOVERY, MULTIPLE RISKS
Fitch Ratings says in its latest Global Economic Outlook (GEO) that global growth will pick up in 2015 and 2016, but risks are weighted to the down ...
Tuesday, 30 September 14
COALVIEW TO PARTICIPATE AT MET COKE WORLD SUMMIT 2014 IN CHICAGO
COALspot.com: Coalview Ltd., LLC(“Coalview”) America's leading fully integrated coal technology and fine coal recovery company prov ...
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- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Planning Commission, India
- The University of Queensland
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
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