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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, 29 September 14
INDONESIAN COAL EXPORT VOLUME FALL IN AUGUST
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
Monday, 29 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average November 2014 flat day on day and lost US$ 0.85 (-1.66%) per mt week on week. The swap also lost US ...
Monday, 29 September 14
CFR SOUTH CHINA COAL LOST AROUND 5% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 3.55 (-5.10%) month over month and flat week over week.
...
Sunday, 28 September 14
FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE FIRM NEXT WEEK - CAPT. REDDY
COALspot.com: The freight market shows a bit weak trend this week.
The BDI was lost 2.42% week on week and closed at 1049 points on 26 Se ...
Sunday, 28 September 14
BERAU AGREES DEAL WITH GOVT, MINING AREA REDUCED - THE JAKARTA POST
Coal miner PT Berau Coal, a subsidiary of Jakarta-listed PT Berau Coal Energy (BRAU), has signed a memorandum of understanding (MoU) with the gover ...
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- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
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