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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 22 September 14
COAL SECTOR CHAOS - GENESIS TO REVELATION - DIPESH DIPU
COALspot.com: “Let there be light”, intends the government of India but the fuel side of the story paints a blackout. The recent Suprem ...
Monday, 22 September 14
CFR SOUTH CHINA COAL SWAPS LOST ON DAY, WEEK AND MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 3.10 (-4.50%) month over month and $ 0.95 PT MT week over ...
Monday, 22 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.35 (+0.69%) day on day and lost US$ 0.30 (-0.58%) per mt week on week. ...
Sunday, 21 September 14
CAPE INDEX LOST 17% W-O-W ; BALTIC DRY PLUNGES 106 POINTS
COALspot.com: This week the freight market softened a bit compared to last week.
BDI fell 8.97% week on week and closed BDI at 1075 points on ...
Friday, 19 September 14
U.S. WEEKLY COAL PRODUCTION RELATIVELY FLAT AT +0.1% - EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
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- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Planning Commission, India
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Bhatia International Limited - India
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