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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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Sunday, 14 September 14
FREIGHT RATES RALLY AS DEMAND INCREASED
COALspot.com: The Baltic Dry Index (BDI) is a number (in US$) issued daily by the London-based Baltic Exchange up 2.25 percent week on week. BDI cl ...
Friday, 12 September 14
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 673.3 MMST, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Thursday, 11 September 14
THE PANAMAX MARKET IS TAKING A BREATHER - FEARNLEYS
Handy
We have experienced more activity in both hemispheres this week, said Fearnleys in this week's weekly report.
"We see rates c ...
Wednesday, 10 September 14
ARE GREEK BANKS ON THE VERGE TO START LENDING AGAIN? - JOHN N. COTZIAS
It is well known that Greek Banks had suffered severely after the economic crisis of 2008. From that period onwards, major changes have occur ...
Tuesday, 09 September 14
WEAK M&A DESPITE ABUNDANT DISTRESSED INDONESIA COAL ASSETS - FITCH RATINGS
COALspot.com: Fitch Ratings says that a meaningful level of merger and acquisition (M&A) activity leading to a consolidation of the coal sector ...
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- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
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- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Planning Commission, India
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Australian Coal Association
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- The University of Queensland
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- White Energy Company Limited
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
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- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
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