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