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.
|
|
Tuesday, 20 January 15
INDIA TO SURPASS THE UNITED STATES AND BECOME THE SECOND-LARGEST COAL CONSUMER IN THE WORLD BY 2019 - IMF
COALspot.com: In 2013, coal added more primary energy than any other fuel and was the fastest-growing fossil fuel, enhancing its position as the se ...
Tuesday, 20 January 15
INDONESIAN COAL OUTPUT SEEN RISING, DESPITE FALL IN ITS PRICE
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week, but Indonesian Coal Output Seen Rising. T ...
Tuesday, 20 January 15
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY DECLINED 2.83% M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery declined US$ 1.45 per MT (-2.83%) month over month and US$ 0.50 (-0.99%) we ...
Monday, 19 January 15
HBA FALL TO FRESH LOWS; COAL OVERSUPPLY WILL CONTINUE TO PUSH PRICE DOWN
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 63.84. T ...
Monday, 19 January 15
CFR SOUTH CHINA COAL SWAPS REMAIN WEAK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 3.37 (-5.63%) per MT month over month and US$ 0.74 (-1.29%) ...
|
|
|
Showing 3246 to 3250 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Australian Coal Association
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Planning Commission, India
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
|
| |
| |
|
