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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, 18 August 14
CFR SOUTH CHINA COAL SWAP PERFORMED WELL THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.45 (+0.66%) day on day and US$ 0.30 (+0.44%)&nbs ...
Saturday, 16 August 14
HIGH DEMAND OF IRON ORE SHIPMENTS PUSHED CAPE INDEX UPWARDS
COALspot.com: This week's freight market was buoyant with Cape and panamax index seeing a big jump pushing the BDI above 1,000 points week on c ...
Friday, 15 August 14
5TH ANNUAL POWER AND ELECTRICITY INDONESIA
5TH ANNUAL POWER AND ELECTRICITY INDONESIA
13-16 October 2014
Grand Hyatt Jakarta, Indonesia
Web Site
The country’s definitive ...
Thursday, 14 August 14
U.S. STEAM COAL IMPORTS REMAIN DOWN SHARPLY FROM HISTORIC HIGH IN 2007, SAYS EIA
COALspot.com: U.S. steam coal imports at power plants have fallen significantly from their peak level of more than 30 million tons in 2007 to less ...
Thursday, 14 August 14
INDIA'S PLAN TO START AN INFRASTRUCTURE BOOM AND TO INVEST US$ 1 TRILLION BY 2017 WILL SURELY AFFECT THE DRY BULK TRADE - FEARNLEYS
Handy
The Atlantic Supra market has continued its improving sentiment with rates climbing and TA´s are now up about US$ 900 w-o-w, said Fea ...
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- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Planning Commission, India
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
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