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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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Monday, 13 October 14
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 54.92, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for delivery Q4' 2014 decreased US$ 0.80 (-1.46%) month over month and US$ 0.52 (-0.95%) week over ...
Monday, 13 October 14
INDONESIAN COAL SWAPS FOR DELIVERY Q4' 2014 GAINED WEEK ON WEEK AND DAY ON DAY
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 gained week on week and day on day.
The swap lost US$ 0.13 (-0.25%) month on mon ...
Monday, 13 October 14
Q1' 2015 CFR SOUTH CHINA COAL SWAP CLOSED US$ 0.31 PMT HIGHER THAN Q4' 2014 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 0.66 (-1.00%) month over month and US$ 0.40 (-0.61%) ...
Sunday, 12 October 14
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE WEAK - VISTAAR
COALspot.com: This week all the segments softened. The BDI down 7.13 pct week on week and closed below 1000 points at 963 points.
The Cape ind ...
Saturday, 11 October 14
COAL PRODUCTION RISES ONLY SLIGHTLY AS GOVT LIMITS MINING OPERATIONS - THE JAKARTA POST
Indonesian coal production rose by only 4 percent in the first nine months of this year, a relatively low increase compared to previous years, as t ...
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Showing 3436 to 3440 news of total 6871 |
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- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- The University of Queensland
- CNBM International Corporation - China
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- White Energy Company Limited
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
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