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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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Wednesday, 13 August 14
WEEKLY MARKET INSIGHT - KONSTANTINOS KONTOMICHIS SNP BROKER
Being at the peak of the holiday season, August is, as usual, the quietest month in terms of snp transactions, yet it is also a time very critical ...
Wednesday, 13 August 14
WHAT DOES PROJECT CARGO REALLY MEAN TO INSURERS?
KNOWLEDGE TO ELEVATE
Richard Kamppari-Baker, claims manager of FP Marine Risks, explains the challenges of project cargo risk assessment from ...
Wednesday, 13 August 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN CLOSE TO 57 MONTHS LOWS
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price in August. HBA for the month of A ...
Monday, 11 August 14
LARGEST CHINESE TRADE SURPLUS EVER RECORDED IN JULY - BIMCO
China recorded a trade surplus of USD 47.3 billion in July 2014. The record high surplus came on the back of very strong export growth while import ...
Monday, 11 August 14
INDONESIAN THERMAL COAL SWAPS SEEING SOME POSITIVE TREND
COALspot.com: Indonesian coal swaps for average September 2014 increased US$ 0.20 (+0.36%) day on day and US$ 1.30 (+2.41%) per mt week on week. Th ...
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- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
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