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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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Thursday, 17 December 20
CHINA'S BAN IS LESS OF A THREAT TO AUSTRALIA'S COAL INDUSTRY THAN INTERNATIONAL CLIMATE AMBITION - IEEFA
Australian coal exporters will survive this near-term political fight but there are longterm structural headwinds
The decision by Ch ...
Thursday, 17 December 20
BUMA SIGNED US$1.0 BILLION WORTH OF EXTENSION CONTRACT WITH BERAU COAL
PT Bukit Makmur Mandiri Utama, subsidiary of PT Delta Dunia Makmur Tbk., has extended its mining services contracts with PT Berau Coal, in relation ...
Wednesday, 16 December 20
INDONESIA 2020 COAL CONSUMPTION ESTIMATED AT 140-145 MLN TONNES - OFFICIAL, REUTERS REPORTED
Indonesia’s domestic coal consumption is estimated at 140-145 million tonnes this year, Dodik Ariyanto, an official at the energy ministry, t ...
Wednesday, 16 December 20
RUSSIA REVISES DOWN EXPORT EXPECTATION - FITCH
The Ministry of Economy of Russia, the world’s third largest thermal coal exporting country, released its annual forecasts ...
Wednesday, 16 December 20
INDIAN COAL IMPORTS TO REMAIN SUBDUED - FITCH RATINGS
Fitch Rating commented on Indian Coal Imports, Fitch said, coal imports by Indian utilities fell by about 24% yoy to 44 million tonnes (mt) i ...
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- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
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