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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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Sunday, 24 August 14
SEA FREIGHT MARKETS STARTING TO LOOK POSITIVE; CAPES DRIVE FREIGHTS HIGHER
COALspot.com: The freight market has strengthen further this week with BDI up 7.19 pct week on week. The BDI was closed at 1,088 points while the B ...
Friday, 22 August 14
INDIAN IRON ORE ROYALTY RISE NOT LIKELY TO HURT STEELMAKERS' MARGINS - FITCH
Fitch Ratings does not expect an increase in India's iron ore royalty rates to have a major impact on the profitability of steel producers in t ...
Friday, 22 August 14
ARBITRATION CLAUSE IN LOU HELD TO REPLACE CHARTERPARTY ARBITRATION CLAUSE
KNOWLEDGE TO ELEVATE
The Claimants had claims for cargo damage against the vessel Owners arising under four bills of lading. The vessel was th ...
Friday, 22 August 14
ICAP ENERGY LAUNCHES GLOBAL COKING COAL DERIVATIVES TRADING
First contract completed and cleared on CME
COALspot.com: ICAP Energy, the energy business of ICAP plc, announces today that it has successful ...
Friday, 22 August 14
U.S WEEKLY COAL PRODUCTION UP 2.4% WEEK OVER WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.60 million short tons (mmst) of coal in ...
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- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Anglo American - United Kingdom
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
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