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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, 22 September 14
COAL SECTOR CHAOS - GENESIS TO REVELATION - DIPESH DIPU
COALspot.com: “Let there be light”, intends the government of India but the fuel side of the story paints a blackout. The recent Suprem ...
Monday, 22 September 14
CFR SOUTH CHINA COAL SWAPS LOST ON DAY, WEEK AND MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 3.10 (-4.50%) month over month and $ 0.95 PT MT week over ...
Monday, 22 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.35 (+0.69%) day on day and lost US$ 0.30 (-0.58%) per mt week on week. ...
Sunday, 21 September 14
CAPE INDEX LOST 17% W-O-W ; BALTIC DRY PLUNGES 106 POINTS
COALspot.com: This week the freight market softened a bit compared to last week.
BDI fell 8.97% week on week and closed BDI at 1075 points on ...
Friday, 19 September 14
U.S. WEEKLY COAL PRODUCTION RELATIVELY FLAT AT +0.1% - EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
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- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
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- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
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- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
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- Thiess Contractors Indonesia
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- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
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- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
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- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
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- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
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- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Planning Commission, India
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
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- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Parliament of New Zealand
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- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Australian Coal Association
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- Antam Resourcindo - Indonesia
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- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
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