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