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, 13 January 15
MORE PITFALLS FOR OWNERS LOOKING TO TERMINATE FOR UNPAID HIRE - INCE & CO
KNOWLEDGE TO ELEVATE
It is a debatable point whether or not the obligation to pay hire under a time charter is a condition of the contract or ...
Tuesday, 13 January 15
Q2 CFR SOUTH CHINA COAL SWAP DECLINED 8.66% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined by US$ 3.48 (-5.73%) month over month and US$ 2.35 (-3.94%) week ...
Tuesday, 13 January 15
Q1' 2015 RICHARDS BAY COAL SWAP SLIGHTLY HIGHER THAN Q2 & Q4 2015 SWAPS
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 7.21 ...
Monday, 12 January 15
COAL: LOW PRICES ARE EXPECTED TO DRIVE A SUPPLY-DRIVEN RECOVERY IN THE MEDIUM TERM - SGX
COALspot.com: Thermal coal prices dropped to six-year lows in 2014 driven by persistent oversupply, SGX says in its “ Commodities 2014 - A ye ...
Monday, 12 January 15
FREIGHT MARKET: 2015 FLEET SUPPLY GROWTH IS EXPECTED TO REMAIN SLIGHTLY AHEAD OF CARGO GROWTH - SGX
COALspot.com: The dry bulk freight market was forced to digest a number of negatives in 2014 leading the Baltic Dry Index to fall 66% through the y ...
|
|
|
Showing 3261 to 3265 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Australian Coal Association
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
|
| |
| |
|
