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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
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Anglo American - United Kingdom
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- The University of Queensland
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- White Energy Company Limited
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
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