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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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Tuesday, 09 September 14
PORT OF NEWCASTLE SHIPPED 13.207 MTN OF COAL IN AUGUST; TRADE VALUE AROUND $1.17 BILLION
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.17 billio ...
Monday, 08 September 14
SUB-BIT FOB INDONESIA COAL SWAP UNDERPERFORMED LAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.20 (-0.39%) day on day and US$ 1.60 (-3.04%) per mt week on week. The ...
Monday, 08 September 14
API 8 CFR SOUTH CHINA COAL SWAP FOR DELIVERY JAN'15 CLOSED AT US$ 66.30 PMT W/E 5 SEPTEMBER 2014; LOST 5.15% M-O-M
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.15 (-0.23%) day on day and US$ 2.05 (-3.04%) week on wee ...
Monday, 08 September 14
CHINESE IRON ORE IMPORT DEMAND VERY STRONG - COMMODORE
COALspot.com: 30 dry bulk vessels were chartered in the spot iron ore market last week to haul iron ore import cargoes to Chinese buyers.
Acco ...
Sunday, 07 September 14
FREIGHT MARKET CONTINUED TO BE FIRM IN SPITE OF CAPE'S THIS WEEK'S WEAK PERFORMANCE
COALspot.com: BDI up by 0.7 pct week on week and closed at 1155 points this week. The Baltic Dry Index is a composite of three sub-indexes that mea ...
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Showing 3496 to 3500 news of total 6871 |
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Anglo American - United Kingdom
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