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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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Wednesday, 15 October 14
SHIPOWNER NOT LIABLE FOR CARGO DAMAGE RESULTING FROM POOR STOWAGE - CLYDE & CO
KNOWLEDGE TO ELEVATE
Russian metal trading company Yuzhny Zavod Metall Profil (YZMP), the holder of a CONGEN 1994 bill of lading, took delivery o ...
Wednesday, 15 October 14
NEWCASTLE SHIPPED 13.96 MILLION TONS OF COAL IN SEPTEMBER; UP 5.72%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,227.7 wor ...
Tuesday, 14 October 14
KING COAL UNDER ATTACK? - EVA TZIMA
With the last quarter of the year being well underway and with no strong signs that the Dry Bulk market could be ready for a big positive reversal, ...
Tuesday, 14 October 14
THE NEW CHINESE TRANSPORTATION TAX LAW: WHAT DOES IT MEAN FOR GREEK SHIPPING? - DELOITTE
China has recently promulgated a new law which imposes tax on profits from freights of inbound routes. The objective of the new tax law titled &ldq ...
Monday, 13 October 14
CHINESE COAL IMPORT TARIFFS YET ANOTHER BLOW TO AUSTRALIAN COAL EXPORTS - TIM BUCKLEY
COALspot.com: China’s unexpected move to reintroduce thermal coal import tariffs of 6% will have a materially negative impact on the viabilit ...
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- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- GMR Energy Limited - India
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Planning Commission, India
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- PTC India Limited - India
- Ministry of Transport, Egypt
- Economic Council, Georgia
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Posco Energy - South Korea
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
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