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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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Thursday, 04 September 14
PUNJAB STATE POWER CORPORATION LIMITED OF INDIA HAS DECIDED TO BUY IMPORTED COAL - HINDUSTAN TIMES
COALspot.com: The Punjab State Power Corporation Limited (PSPCL) has decided to buy imported coal to run its thermal plants, as reported by Hindust ...
Thursday, 04 September 14
INDONESIAN COAL MINERS MAY GET MORE TIME ON ROYALTIES - FITCH RATINGS
COALspot.com: Fitch Ratings says that coal miners in Indonesia are likely to get more time to repay the government the royalties that were set off ...
Thursday, 04 September 14
INDONESIAN COAL SWAPS SLIDE THIS PAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.90 (-1.68%) day on day and US$ 1.80 (-3.31%) per mt week on week. The ...
Thursday, 04 September 14
CAPESIZE : SENTIMENT REMAINS POSITIVE FOR Q3/Q4 - FEARNRESEARCH
Handy
The Atlantic market has experienced more activity this week. Rates for TA´s are up about 8% w-o-w, much lead by an increasing number ...
Wednesday, 03 September 14
KOREA MIDLAND POWER CO. LTD INVITES BIDS FOR 1 MMT OF BITUMINOUS & SUB-BITUMINOUS COAL FOR BORYEONG POWER PLANT
COALspot.com: KOMIPO again in the market for 1 million tons of 5700 NAR and 4600 NAR coal for Jan – March 2015. South Korean state-owned util ...
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Showing 3506 to 3510 news of total 6871 |
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- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- The University of Queensland
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- White Energy Company Limited
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
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