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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, 02 December 20
INDONESIA CONSIDERING CLOSING 3,400MW SURALAYA COAL PLANT - THE JAKARTA POST
The government is considering to shut down the aging Suralaya coal-fired power plant (PLTU) in Cilegon, Banten, and replace it with green energy, a ...
Wednesday, 02 December 20
MARKET INSIGHT - INTERMODAL
It has been another busy week in the dry bulk secondhand market; a healthy number of sales reported predominantly from Japanese owners while owner& ...
Thursday, 26 November 20
DECLINE IN COAL EXPORTS ADDS TO NAVAJO-OWNED COMPANY'S PROBLEMS - IEEFA U.S.
Weak demand and low prices are likely creating steep losses for NTEC
U.S. coal exports to Asia—once heralded as the saving gra ...
Thursday, 26 November 20
COAL FINANCING QUICKLY DRYING UP WORLDWIDE - ANALYSTS : REUTERS
Financing for coal projects is drying up at ever increasing rates as more countries target zero carbon emissions amid an energy transition sweeping ...
Wednesday, 25 November 20
LIBOR REPLACEMENT AND SHIP FINANCE - WHERE IS IT HEADING? - WFW
The likely replacement of the LIBOR at the end of 2021 creates difficult technical and practical issues for all sectors of business and finance. Th ...
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- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
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