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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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Wednesday, 16 December 20
CHINA TO BOOST DOMESTIC SUPPLY - FITCH
China’s benchmark Qinhuangdao 5,500kcal/kg coal price rose above the government’s upper yellow interval of CNY600/tonne in early Octobe ...
Wednesday, 16 December 20
INDONESIAN COAL RECOVERING - FITCH
Commenting on Indonesian coal, Fitch Ratings, the Indonesian 4,200 kcal index has begun to recover, improving to over USD 29 in November compared t ...
Tuesday, 15 December 20
NEWCASTLE PRICES RECOVER - FITCH
Prices for the benchmark Newcastle 6,000 kcal/kg grade coal have rebounded to over USD 70/tonne since late November as major Asian economies ease l ...
Tuesday, 15 December 20
APAC COAL PRICES REBOUND ON IMPROVED DEMAND AND SUPPLY CUTS - FITCH RATINGS
Prices for the benchmark Newcastle 6,000kcal/kg grade coal have rebounded to over USD70/tonne since late November as major Asian economies ease loc ...
Tuesday, 15 December 20
CHINA EXTENDS FULL OPEN GESTURE TO IMPORTED COAL EXCEPT FOR AUSTRALIA - GLOBAL TIMES
Domestic, overseas suppliers will take up share with easier clearance
China's top economic planner on Saturday gave approval to ...
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Showing 706 to 710 news of total 6871 |
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- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- White Energy Company Limited
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Economic Council, Georgia
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- VISA Power Limited - India
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
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