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