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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, 06 August 14
SHIPPING MARKET INSIGHT - EVA TZIMA
Recent reports that Indonesia’s ban on exports of metal ore concentrates was lifted for the first time in six months for two of its biggest m ...
Wednesday, 06 August 14
SGX SUCCESSFULLY LAUNCHED NEW SGX COAL PRODUCTS
COALspot.com: Singapore Exchange (‘SGX’) has announced that, the exchange has successfully launched its new Coking and Thermal Coal pro ...
Monday, 04 August 14
ANNUAL SECOND HALF SURGE IN BRAZILIAN IRON ORE EXPORTS ABOUT TO BEGIN - JEFFREY LANDSBERG
COALspot.com: Great strength in the capesize market has all along been set to occur during the second half of this year, as that is when Brazilian ...
Monday, 04 August 14
SUB-BIT FOB INDONESIA COAL SWAP INCHES UP DESPITE LOW DEMAND
COALspot.com: Indonesian coal swaps for average Q4’ 2014 increased US$ 0.15 day on day and US$ 0.13 per mt week on week. But, the swap was lo ...
Monday, 04 August 14
Q1' 15 API 8 CFR SOUTH CHINA COAL SWAP CLOSED AT US$ 69.37 ON 1 AUGUST 2014; A $ 1.10 HIGHER COMPARED TO Q4' 2014 CLOSING
COALspot.com: Coal swap prices are showing a positive move upward this past week. API 8 CFR South China Coal swap for Q4, Q1 and Q2 2015 show ...
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- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
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