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, 14 January 15
DRY BULK MARKET NOTED ANOTHER WEEKLY DECLINE - INTERMODAL
COALspot.com: The Dry bulk market noted another weekly decline on Friday, with the performance of the Capesize market still weighing down on the re ...
Wednesday, 14 January 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
In Oil we trust! The Barrel price has declined by almost a third in comparison to the 2014 January and has being on the downhill since early last s ...
Wednesday, 14 January 15
COMMODITIES AREN'T PRIMED FOR A REBOUND DURING 2015: SHIPPING COULD BENEFIT FROM LOWER PRICES - ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In the recent past, higher commodity prices were driven by an increase in demand from developing countries, which spelled good news for ship owners ...
Wednesday, 14 January 15
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1 DELIVERY CLOSED AT US$ 46.97 PMT
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week.
The Q1 swap has fell US$ 1.53 (-3.15 ...
Wednesday, 14 January 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED 4.51% LOWER COMPARED TO Q1' 15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.56 per MT (-3.0%) month over month and US$ 1.03 (-2.0%) week ove ...
|
|
|
Showing 3256 to 3260 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
|
| |
| |
|
