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Friday, 19 September 14
PRICES FOR DRY BULK CARRIERS HAVEN'T CORRECTED ENOUGH, DESPITE LOWER THAN EXPECTED FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 A lot has been said and written about the looming dry bulk market recovery over the past few months. However, even if this hasn’t been materialized, at least not yet, prices for dry bulk carriers haven’t abated that much. According to the latest report from shipbroker Intermodal this is due to a number of reasons, namely the overabundance of financing, given the rapid emergence of private equity funds, as well as the sellers’ expectations.
According to Intermodal’s weekly report, “cince 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”.
Intermodal’s Research Analyst, Mr. George Lazaridis noted that, “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, as he noted “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, despite the fact that 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 Capesize vessels? These are the questions posed rightfully so by the shipbroker’s analyst. According to Mr. Lazaridis, “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”, he noted.
Lazaridis concluded that “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?”, he wondered.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Sunday, 19 October 14
LOW DEMAND PUSHES DOWN COAL FREIGHT RATES; VOLATILITY CONTINUES
COALspot.com: This week all the segments softened including BDI except for Panamax index.
The BDI was down by1.70 pct and clsoed at 944 points ...
Friday, 17 October 14
INTERNATIONAL COAL PRICES ARE AT LOWEST LEVEL; COAL STOCKS AT INDIAN POWER PLANTS ARE ALSO AT LOWEST LEVEL
International coal prices as well as coal freights are falling and reaching to its lowest levels. According to PTI, fuel stockpiles at the thermal ...
Friday, 17 October 14
U.S. COAL PRODUCTION UP BY 3.6% WEEK - ON - WEEK
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.20 million short tons (mmst) of coal in ...
Friday, 17 October 14
DRY BULK SHIPPING'S OUTLOOK NOW SHIFTING TO A LESS PROMISING ONE, SHIP PRICES EXPECTED TO FOLLOW SOON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
China’s and other Asian countries’ return to the dry bulk market last week, didn’t trigger the hoped support towards the dry bulk ...
Thursday, 16 October 14
KOREA MIDLAND POWER TO BUY 490K MT OF LCV COAL FOR 1Q 2015
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 490,000 Metric Tons (MT) of LCV (Sub) Bitumino ...
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- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Australian Coal Association
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Singapore Mercantile Exchange
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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