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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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Monday, 25 August 14
4TH ANNUAL FLOATING TERMINALS
4th Annual Floating Terminals
18-20 Nov 2014
Intercontinental Jakarta Midplaza,
Indonesia
Web Site
The Floating Terminal c ...
Monday, 25 August 14
THE BALTIC DRY IS JUMPING, BUT DON'T DRAW ANY BROAD CONCLUSIONS - NASDAQ
Those who consistently preach doom and gloom and see an economic apocalypse around every corner would make me laugh if it weren’t for the fac ...
Monday, 25 August 14
COAL CEOS: DEMISE OF COAL 'EXAGGERATED' - MARK WILCOX
By Mark Wilcox
Heads of some of the largest coal companies in Wyoming are saying the demise of coal has been exaggerated, though the industry def ...
Monday, 25 August 14
INDO COAL SWAPS W-O-W: NEGATIVE; M-O-M: POSITIVE
COALspot.com: Indonesian coal swaps for average September 2014 decreased US$ 0.15 (-0.28%) day on day and US$ 0.65 (-1.19%) per mt week on week. Th ...
Monday, 25 August 14
API 8 CFR SOUTH CHINA COAL SWAP GAINED DAY OVER DAY AND MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.30 (+0.44%) day on day and decreased US$ 0.20 (- ...
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- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
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