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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, 07 September 14
SHIPMANAGERS SUPERVISION CONTRACT FOR NEWBUILDS - BIMCO
Shipmanagers are frequently called upon by their owner clients to supervise newbuilding projects on their behalf. The scope of the manager’s ...
Saturday, 06 September 14
SLOW COAL EXPORT REGISTRATION RAISES CONCERNS - THE JAKARTA POST
Several coal mining companies have yet to receive the go-ahead from the Energy and Mineral Resources Ministry to obtain exporting licenses, leading ...
Saturday, 06 September 14
DRY BULK MARKET'S PROSPECTS ARE IMPROVING, DESPITE WEAK SECOND QUARTER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been rebounding during the past month, with the Baltic Dry Index (BDI) ended the week on a high note, reaching 1,155 points ...
Saturday, 06 September 14
INDONESIA WANTS TO REGULATE COAL DEALS - THE TELEGRAPH INDIA
Indonesia has raised concerns about suspected coal deals struck between overseas buyers and its unregistered domestic miners, the telegraph India r ...
Friday, 05 September 14
U.S. PRODUCED 19.2 MMST OF COAL LAST WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
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- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Economic Council, Georgia
- ICICI Bank Limited - India
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Ministry of Mines - Canada
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
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