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