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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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Tuesday, 08 December 20
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Friday, 04 December 20
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Friday, 04 December 20
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Showing 716 to 720 news of total 6871 |
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- Asmin Koalindo Tuhup - Indonesia
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- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
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- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
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- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
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- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
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- Oldendorff Carriers - Singapore
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- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Parliament of New Zealand
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- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
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- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- The University of Queensland
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
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- Anglo American - United Kingdom
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- Economic Council, Georgia
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