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