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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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Monday, 29 September 14
INDONESIAN COAL EXPORT VOLUME FALL IN AUGUST
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
Monday, 29 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average November 2014 flat day on day and lost US$ 0.85 (-1.66%) per mt week on week. The swap also lost US ...
Monday, 29 September 14
CFR SOUTH CHINA COAL LOST AROUND 5% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 3.55 (-5.10%) month over month and flat week over week.
...
Sunday, 28 September 14
FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE FIRM NEXT WEEK - CAPT. REDDY
COALspot.com: The freight market shows a bit weak trend this week.
The BDI was lost 2.42% week on week and closed at 1049 points on 26 Se ...
Sunday, 28 September 14
BERAU AGREES DEAL WITH GOVT, MINING AREA REDUCED - THE JAKARTA POST
Coal miner PT Berau Coal, a subsidiary of Jakarta-listed PT Berau Coal Energy (BRAU), has signed a memorandum of understanding (MoU) with the gover ...
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- ASAPP Information Group - India
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Australian Coal Association
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- The University of Queensland
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
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