We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Sunday, 14 September 14
FREIGHT RATES RALLY AS DEMAND INCREASED
COALspot.com: The Baltic Dry Index (BDI) is a number (in US$) issued daily by the London-based Baltic Exchange up 2.25 percent week on week. BDI cl ...
Friday, 12 September 14
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 673.3 MMST, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Thursday, 11 September 14
THE PANAMAX MARKET IS TAKING A BREATHER - FEARNLEYS
Handy
We have experienced more activity in both hemispheres this week, said Fearnleys in this week's weekly report.
"We see rates c ...
Wednesday, 10 September 14
ARE GREEK BANKS ON THE VERGE TO START LENDING AGAIN? - JOHN N. COTZIAS
It is well known that Greek Banks had suffered severely after the economic crisis of 2008. From that period onwards, major changes have occur ...
Tuesday, 09 September 14
WEAK M&A DESPITE ABUNDANT DISTRESSED INDONESIA COAL ASSETS - FITCH RATINGS
COALspot.com: Fitch Ratings says that a meaningful level of merger and acquisition (M&A) activity leading to a consolidation of the coal sector ...
|
|
|
Showing 3491 to 3495 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- The University of Queensland
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Planning Commission, India
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Central Java Power - Indonesia
|
| |
| |
|
