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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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- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- The University of Queensland
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Economic Council, Georgia
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
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