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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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Friday, 26 September 14
NEWCASTLMAXES ARE THE MOST SOUGHT AFTER VESSELS BY SHIP OWNERS TODAY SAYS VESSELS VALUE
KNOWLEDGE TO ELEVATE
Determining a ship’s fair value can be a very tricky business, especially when you’re the one paying. As such ...
Thursday, 25 September 14
LACK OF COAL BUSINESS PUSHING DOWN PANAMAX EARNINGS IN PACIFIC
Handy
In the Atlantic we see rates steady climbing upwards. More coal cargoes out of USG and USEC are helping the TA market which is up some USD ...
Wednesday, 24 September 14
ADARO AGREED TO REDUCE ITS CONCESSION AREA TO 31,379.8 HECTARES
COALspot.com: PT Adaro Energy Tbk (Adaro Energy) today announced that, PT Adaro Indonesia (AI), its wholly owned subsidiary, entered into a M ...
Wednesday, 24 September 14
CAPESIZE: ACTIVITY IN BOTH BASINS WAS UNIMPRESSIVE
COALspot.com: The end of the week prior seems to have marked the tone for the days that followed, with the Dry Bulk market giving up a significant ...
Tuesday, 23 September 14
MEDCO TO INCREASE ITS COAL PRODUCTION NEXT YEAR
COALspot.com: PT Medco Energi Internasional is looking to increase its coal production next year, supported by the launch of operations at its Duta ...
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- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- The University of Queensland
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Parliament of New Zealand
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Australian Coal Association
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
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