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.
|
|
Monday, 26 January 15
API 8 CFR SOUTH CHINA COAL SWAP CONTINUE TO SLIDE M-O-M; ROSE W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.79 (-1.33%) per MT month over month and gained US$ 2.10&nb ...
Sunday, 25 January 15
PANAMAX FREIGHT RATES STILL FALLING
COALspot.com: The BDI was slightly down this week to 720 points. The BDI lost 2.83 pct week on week.
The cape index continued its upward trend ...
Friday, 23 January 15
U.S. WEEKLY COAL PRODUCTION FOR WEEK ENDING JAN. 17 UP 2.5%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.4 million short tons (mmst) of coal ...
Thursday, 22 January 15
PANAMAX: A SOFTER TONE AND OVERALL A SLUGGISH MARKET - FEARNLEYS
Handy
The handy and supra market has experienced yet another week with slow activity and softening rates in both hemispheres, broker Fearnleys AS ...
Thursday, 22 January 15
BUMI RESOURCES POSTS NET INCOME OF $13.3 MILLION 9M-2014
COALspot.com: Bumi Resources, Indonesia’s largest coal miner, reported today that, the company has recorded a net income of $13.3 million for ...
|
|
|
Showing 3236 to 3240 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- PTC India Limited - India
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Australian Coal Association
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
|
| |
| |
|
