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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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Saturday, 27 September 14
OIL MARKET CONTANGO: SPECULATION ON FUTURE PRICES CAN BE A RISKY MOVE, EVEN FOR TANKER OWNERS HELLENIC SHIPPING NEWS
Despite the fact that tanker owners can easily use their vessels as floating storage units for oil, in a bid to exploit the current oil market dyna ...
Saturday, 27 September 14
MORE COAL MINERS AGREE TO AMEND CONTRACTS - THE JAKARTA POST
The Energy and Mineral Resources Ministry is in a rush to beat a deadline for the conclusion of numerous memorandums of understanding (MoUs) with t ...
Friday, 26 September 14
INDIA SUPREME COURT RULING TO HIT STEEL, UTILITY EARNINGS, SAYS FITCH
COALspot.com: The 24 September Supreme Court of India (SCI) decision to cancel almost every coal block allocation since 1993 will have a negative f ...
Friday, 26 September 14
U.S WEEKLY COAL PRODUCTION FELL 1.8% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.80 million short tons (mmst) of c ...
Friday, 26 September 14
ORACLE SIGNS EPC FRAMEWORK AGREEMENT WITH SEPCO FOR COAL MINE AND POWER PLANT IN PAKISTAN
COALspot.com: Oracle Coalfields PLC, the UK developer of a lignite coal mine and power plant in the south-eastern Sindh Province, Pakistan, has ann ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- The University of Queensland
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
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