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Friday, 03 May 13
SHIP OWNERS ARE INVESTING HEAVILY IN DRY BULK CARRIER NEWBUILDINGS ONCE MORE: IS THERE ANY RATIONALE? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 Despite the fact that the dry bulk market remains heavily oversupplied and just as the orderbook of newbuildings had began to shrink, it seems that ship owners have made a significant come back to shipyards, investing once more in new orders. This has been the case so far in 2013 and one could become perplexed as to why owerns are choosing this path, instead of doiong everything in their power to alleviate the tonnage supply pressures currently underway in the freight rate market?
Earlier in the year, shipbroker Intermodal had expressed the view that 2013 would be yet another challenging year, but it would also pose a good opportunity to make investments in shipping, as prices have become quite attractive. "Shortly thereafter, notwithstanding the depressed freight market, the swollen fleet, the remaining orderbook and most importantly the lack of finance, we have witnessed a rather remarkable mini-spree of new orders for dry bulk carriers", Intermodal said in its latest weekly report.
The shipbroker's newbuilding broker, Mr. Theodore Ntalakos wonders whether this new ordering is substantiated or reasonable? He answered by stating that "opponents of new ordering say that the market cannot support further new buildings and those shipowners are shooting themselves in the legs again. However, any rational individual would prefer to buy a new asset at the bottom of its market price. We always advocated that shipping is a non-cooperative game and each rational shipowner would be looking to maximize his pay-offs no matter what the others decide to do. It seems that those who have access to finance are now convinced that prices cannot and most importantly will not go further south; so they place themselves with new orders and purchases. The new ECO designs combined with the lack of modern tonnage from the second hand market are driving buyers to the shipbuilders' meeting rooms", Ntalakos said.
He added that "there were quite a few shipyards that were willing to take orders almost at cost just to safeguard the viability of their production for the next couple of years. In Japan they are also favored by the “Abenomics”, the economic policies advocated by the current Prime Minister Shinzo Abe that allows the Japanese shipbuilders to offer competitive prices and claim their market share from these new orders. All shipyards have seen the number of visitors and inquiries increasing daily, almost reminding them of the good old days. Still, there isn’t strong enough demand to push prices higher but we have noticed that shipbuilders are now bargaining harder than what they did six months or even a year ago".
According to Mr. Ntalakos, "coming back to the statistics, back in February, the Orderbook/Fleet ratio looked more favorable in the capes and Supramax sizes and this is where we have seen the majority of new orders placed. The Handies followed and then came the Panamax bulk carriers, which looked the least attractive and got the fewer orders. For the first four months of 2013 the fleet has grown, as expected, due to the vast orderbook from previous years at around 2.5% and despite the new contracts the orderbook has contracted by around 13.5%".
Intermodal's analyst finally noted that "the latest orders happened to sync with a small rally in the freight market which had almost pushed rates into profitable territories. Whether these orders were placed at the turn of the market or not only time will show but as all markets, shipping as well is strongly correlated with expectations. Things are not clear and there still is risk involved; however, to quote the American author John Shedd “a ship in harbor is safe, but that is not what ships are built for”, the newbuilding broker concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Australian Coal Association
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- The University of Queensland
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
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