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