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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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Saturday, 30 August 14
RECOVERY IN SIGHT FOR THE DRY BULK SHIPPING MARKET - DREWRY SHIPPING CONSULTANTS
Despite weak freight rates so far this year, Dry Bulk shipping earnings are forecast to recover as demand for both major and minor bulk commodities ...
Friday, 29 August 14
U.S. WEEKLY COAL PRODUCTION DROPS 1.3 PERCENT, EIA SAYS
COALspot.com – United States the world's second largest coal producer, produced approximately 19.40 million short tons (mmst) of coal in ...
Friday, 29 August 14
ADARO'S PROFITS SINK FURTHER AMID FALL IN COAL PRICES - JP
Adaro Energy, one of the country’s largest coal miners, has reported a 31 percent drop in net profit in the first half of this year as global ...
Friday, 29 August 14
CHINESE LIGNITE IMPORTS: QUANTITY OVER QUALITY? - CLARKSONS
In the first half of 2014, Chinese seaborne coal imports declined 0.4% y-o-y to 148mt, largely reflecting a 3.3% fall in imports of steam coal. Mea ...
Thursday, 28 August 14
PANAMAX: OWNERS CAN GET AROUND USD 16000 FOR A FRONTHAUL; PERIOD MARKET - VERY QUIET - FEARNLEYS
Handy
The activity and sentiment is improving in the Atlantic with the general TA rate is up about US$ 800 w-o-w. We see more South American carg ...
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- Agrawal Coal Company - India
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Australian Coal Association
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
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