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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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Thursday, 16 October 14
PANAMAX OWNERS RECEIVE A PREMIUM FOR GOING TO INDIA VIA INDONESIA - FEARNLEYS AS
Handy
The Handy/Supra market continues to slide in both hemispheres, said Fearnleys AS in its latest week report. In the Atlantic we see rates co ...
Thursday, 16 October 14
ARE WE GOING TO SHOOT OURSELVES IN THE FOOT ONCE AGAIN? - PANOS MAKRINOS
As the East part of our globe was coming back from its October holidays last week, everyone expected that the Dry Bulk market would follow suit and ...
Wednesday, 15 October 14
PANAMAX: ACTIVITY IN THE PACIFIC WAS UNIMPRESSIVE
The Dry Bulk market noted another weekly decline last week, while the BDI moved below 1,000 points taking down with it expectations that a post hol ...
Wednesday, 15 October 14
INDONESIAN COAL PRICE REFERENCE FELL TO FRESH MULTI-YEAR LOWS IN OCTOBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in October 2014.
...
Wednesday, 15 October 14
DRY BULK SHIPPING: RATE IMPROVEMENTS ARRIVED AS FORECAST, BUT UNCERTAINTY MOUNTS FOR 2015 DEMAND - BIMCO
BIMCO released its latest short term assessment of the dry bulk market, estimating that over the October-November period, the level of Capesize TC ...
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- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- The University of Queensland
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- The Treasury - Australian Government
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
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