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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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Wednesday, 03 September 14
CFR S.CHINA COAL SWAP FOR JAN 2015 DELIVERY CLOSED AT $ 68.30 PMT; DOWN 2.43% W-O-W
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.95 (-1.39%) day on day and US$ 1.40 (-2.03%) week on wee ...
Tuesday, 02 September 14
BERAU COAL HAS AWARDED A CONTRACT EXTENSION TO BUMA FOR 647 MLN BCM OVERBURDEN REMOVAL
COALspot.com: PT Delta Dunia Makmur Tbk (“DOID”) has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama (&l ...
Monday, 01 September 14
GLOBALCOAL WELCOMES TWO NEW MARKET MEMBERS
COALspot.com: globalCOAL® announced today that two Market Members have joined its trading community. Both new Market Members are from the India ...
Sunday, 31 August 14
COAL FREIGHT RATES INTO INDIA FROM INDONESIA FIRM
COALspot.com: The freight market continued to firm this week. BDI up 5.42 percent week ended 29 August and closed at 1147 points while the Ca ...
Saturday, 30 August 14
INDIAN GOVERNMENT SHOULD TAKE NOTICE: THERMAL COAL IMPORT PRICES EXTREMELY LOW - COMMODORE RESEARCH
COALspot.com: Both Indonesian and Australian thermal coal prices are at the lowest levels seen this decade, with Indonesia's monthly benchmark ...
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- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- White Energy Company Limited
- Aditya Birla Group - India
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
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