We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Wednesday, 24 December 14
MARKET INSIGHT - JOHN N. COTZIAS, INTERMODAL SNP BROKER
 The year is coming to an end, and we should be able to assess if this was a good year, a bad year, or even a lousy one? The answer clearly depends on where you stand… which was your bet-horse in other words.
The negative sentiment that has been prevailing in the dry bulk market lately leaves most owners with a rather bitter taste following the free fall of the past weeks. Enquiry levels remain low and we observe with great concern the everyday softening that takes place in the Capesize segment, with the BCI touching new historical lows daily, since its introduction in March 1999. In the past four weeks we have seen the index dropping from above 3,000 points to well below 500 points, while the average T/C for the segment has moved from $23,000/day to below $4,900/day. What a drop! If one considers that most Capes run their OPEX in excess of $10k/day and the level of CAPEX for those Capes acquired at 100mil USD then it goes without saying that some owners and their banks are facing hard times ahead. The drop in second-hand prices is also evident, with prices approaching the levels we witnessed back in December 2012 and January 2013, while every new deal is marking a lower last done, which is also the benchmark for the negotiation of the next sale candidate.
It was this time two years ago, in our brokers insight once more just before the Xmas holidays that we mentioned that we are facing low ship values that pose a great opportunity for anyone proceeding with purchases to possibly achieve an asset play. Buy low sell higher! And yes that was the case. Definitely we were no prophets, nor in a possession of a crystal bowl. It was just a clear observation of market fundamentals, and the shipping business cycles that always bring these spikes and enable investors to better ride the waves of the cycle.
So what are the fundamentals now? Bunker prices are at a 5 year low, the Japanese Yen reached a seven year low against the US Dollar, the Euro to the Dollar may be soon approaching 1.15 according to some, the Russian economy presently looks Rubbled... sorry meant troubled, iron ore prices are phenomenally low, China’s softening appetite in November has been weighing down on Capes and mineral export bans from Indonesia hurt further the Pacific trade. At the same time the scrap price offered in China is at $220-$230/ton and price levels have also been dropping sharply in the Indian Subcontinent. Most notably, the overall scrap activity for 2014 is 30% less than that of last year, while newbuilding ordering in 2014 is almost 50% down compared to 2013 levels.
A very simplistic approach says that during a bad market when freight rates suffer, the normal is that ship prices correct. Definitely some owners lose their sleep during this period, however others are seeing this as a golden opportunity to buy low, support their investment until rates improve and once their asset gains in value, lock in the profits. Bankers always say that a business proposal should be viable with all figures “adding-up” positively… however these proposals never take into account the value of asset play. A business deal in which you are buying low, is usually one taking place in a freight environment which doesn’t make sense for a banker to invest in, but is usually the one that will most probably offer the opportunity to asset play.
Fasten your seatbelt, the cycle ahead might be bumpy. My best and warmest wishes to all of you and all friends and colleagues that have been showing their continual support throughout the years.
” Kali Chronia” as we say in Greece!
By ohn N. Cotzias, Intermodal SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Wednesday, 28 January 15
CAPES CONTINUED THEIR UPWARD MOVEMENT LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market displayed a mirror performance of that of the week prior, with the Capesize market correcting further upwards and ...
Tuesday, 27 January 15
Q1 FOB INDONESIA COAL SWAP CLOSED AT $ 47.87 FOR WEEK ENDING JAN. 23
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 gain week over week and declined month on month.
The Q1 swap has decline US$ 0.9 ...
Tuesday, 27 January 15
Q2 FOB NEWCASTLE COAL SWAP UP 4.5% W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery declined US$ 0.28 per MT (-0.54%) month over month and increased US$ 1.23 ( ...
Monday, 26 January 15
OVERSUPPLY, AMPLE STOCKPILES, AND LACKLUSTER UNDERLYING STEEL DEMAND KEPT COKING COAL PRICES LOW IN 2014
COALspot.com: Coking coal prices (FOB & CFR) fell 15% and 18% respectively during the year, amidst persistent oversupply, ample inventory and s ...
Monday, 26 January 15
FOB RICHARDS BAY Q2 COAL SWAP CLOSED LOWER THAN Q1 CLOSING
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and day on day.
The Q1 swap has fell ...
|
|
|
Showing 3231 to 3235 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Marubeni Corporation - India
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Minerals Council of Australia
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- The University of Queensland
- Ambuja Cements Ltd - India
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- PTC India Limited - India
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
|
| |
| |
|
