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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, 26 September 14
NEWCASTLMAXES ARE THE MOST SOUGHT AFTER VESSELS BY SHIP OWNERS TODAY SAYS VESSELS VALUE
KNOWLEDGE TO ELEVATE
Determining a ship’s fair value can be a very tricky business, especially when you’re the one paying. As such ...
Thursday, 25 September 14
LACK OF COAL BUSINESS PUSHING DOWN PANAMAX EARNINGS IN PACIFIC
Handy
In the Atlantic we see rates steady climbing upwards. More coal cargoes out of USG and USEC are helping the TA market which is up some USD ...
Wednesday, 24 September 14
ADARO AGREED TO REDUCE ITS CONCESSION AREA TO 31,379.8 HECTARES
COALspot.com: PT Adaro Energy Tbk (Adaro Energy) today announced that, PT Adaro Indonesia (AI), its wholly owned subsidiary, entered into a M ...
Wednesday, 24 September 14
CAPESIZE: ACTIVITY IN BOTH BASINS WAS UNIMPRESSIVE
COALspot.com: The end of the week prior seems to have marked the tone for the days that followed, with the Dry Bulk market giving up a significant ...
Tuesday, 23 September 14
MEDCO TO INCREASE ITS COAL PRODUCTION NEXT YEAR
COALspot.com: PT Medco Energi Internasional is looking to increase its coal production next year, supported by the launch of operations at its Duta ...
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- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Economic Council, Georgia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- The University of Queensland
- Attock Cement Pakistan Limited
- Planning Commission, India
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
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