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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, 28 August 14
BANPU REPORTS HIGHER FIRST-HALF YEAR RESULTS FOR 2014
COALspot.com: Banpu Public Company Limited (BANPU) reports higher first half-year financial results for 2014 having its gross profit increasing 3 p ...
Wednesday, 27 August 14
FREIGHT MARKET: IS THE MARKET IN A RECOVERY MOOD? - GEORGE ILIOPOULOS
Is the market in a recovery mood?
August is typically a time when the shipping industry takes it easy… charter-ers book their requireme ...
Tuesday, 26 August 14
4TH ANNUAL ASIA NICKEL
4th Annual Asia Nickel
19-20 Nov 2014
Grand Hyatt Jakarta, Indonesia
Web Site
Asia’s Premier Nickel Conference
Regulation in ...
Tuesday, 26 August 14
DESPITE LOW DRY BULK RATES, BULKER PRICES ARE STILL HIGH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, August tends to be a month of slow activity in the sale and purchasing market and this year has been no exception. However, as shipb ...
Tuesday, 26 August 14
GOVT ON TRACK TO LIMIT COAL OUTPUT - THE JAKARTA POST
The government has announced that it will proceed with plans to cap the production of coal next year, a move aimed not only at protecting the envir ...
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- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- White Energy Company Limited
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- PTC India Limited - India
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
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