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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 28 July 14
S. KOREA'S KOSPO SEEKS 148K T OF 4700 NAR COAL
COALspot.com: Korea Southern Power Co Ltd (KOSPO) is seeking 148,000 tonnes of 4,700 kcal/kg NCV steaming coal for shipment between October to Nove ...
Monday, 28 July 14
CFR SOUTH CHINA COAL SWAP SLIGHTLY UP WEEK ON WEEK
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. The swap for Q3, Q4 and Q1 2015 showing slight improvement ...
Sunday, 27 July 14
RAMADAN HOLIDAYS IN INDONESIA PUTTING PRESSURE ON CHARTER RATES FROM INDONESIA - VISTAAR INDIA
COALspot.com: The freight rates were almost steady as very slight improvement in BDI by about 1 pct. The BDI was at 739 points after improvin ...
Saturday, 26 July 14
COAL MINING COMPANIES CLOSED TEMPORARILY - THE JAKARTA POST
The Sarolangun regency administration in Jambi has suspended the operations of 10 coal mining companies in line with a circular issued by Regent Ce ...
Friday, 25 July 14
U.S WEEKLY COAL PRODUCTION UP AROUND 3.5% WEEK ENDED JULY 19
COALspot.com – United States the world's second largest coal producer, produced approximately 19.00 million short tons (mmst) of coal in ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Planning Commission, India
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
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