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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, 19 September 14
PRICES FOR DRY BULK CARRIERS HAVEN'T CORRECTED ENOUGH, DESPITE LOWER THAN EXPECTED FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lot has been said and written about the looming dry bulk market recovery over the past few months. However, even if this hasn’t been materi ...
Thursday, 18 September 14
INDONESIA'S JULY COAL EXPORT VOLUME DROPPED 5.13% M-O-M
COALspot.com: Indonesia, one of the world's largest coal producer and the global leading multi grade coal exporter shipped around $1.65* ...
Thursday, 18 September 14
PANAMAX : US GULF/CHINA FRONTHAUL ARE NOW PAYING TYPICALLY 14.5K + 450K BB - FEARNRESEARCH
Handy
We still see a firming tendency in the Atlantic and it is still ECSA and USG leading on. USG/Cont now up in about USD 17/18k for a Smax whi ...
Thursday, 18 September 14
ELECTRONIC BILLS OF LADING: A GUIDE TO PAPERLESS TRADING WHICH HAS TAKEN THE SHIPPING INDUSTRY BY STORM
Bimco has recently developed and published a charter party clause that specifically addresses the use of electronic bills of lading. Increasing use ...
Wednesday, 17 September 14
PANAMAX: LIMITED INTEREST IN BOTH BASINS; RISING TONNAGE - INTERMODAL
With the week starting off at a fast pace and with the positive momentum from the previous Friday seemingly sticking around for a bit longer, most ...
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- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
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