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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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Tuesday, 07 October 14
API 8 CFR SOUTH CHINA COAL SWAP HEADED SOUTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 1.10 (-1.64%) month over month and US$ 0.25 (-0.38%) ...
Monday, 06 October 14
' COAL-BY-WIRE' FROM SUMATRA TO JAVA - THE JAKARTA POST
Coal from the island of Sumatra accounts for most of Indonesia’s low-grade lignite, a low-quality coal that receives a poor price in internat ...
Monday, 06 October 14
THE IRON ORE SHIPPING BUSINESS IS FACING SOME ROUGH SEAS - EAST ASIA FORUM
The impact of Chinese demand on global iron ore prices is well known. A less acknowledged consequence of China’s emergence is the transformat ...
Sunday, 05 October 14
BALTIC DRY INDEX SLIPS 1.14%; BALTIC PANAMAX INDEX GAINED 9.91% WEEK ON WEEK
COALspot.com: The BDI was down by 1.14 pct and closed at 1037 points this Friday.
The Cape index was down significantly week on week or lost 5 ...
Friday, 03 October 14
U.S. WEEKLY COAL PRODUCTION UP 5.8% TO 19.9 MMST
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.9 million short tons (mmst) of co ...
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- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
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