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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, 25 November 20
MARKET INSIGHT - INTERMODAL
Over 90% of the world’s goods are transported by sea. LPG is a clean, energy efficient and portable fuel that is being marketed at an afforda ...
Friday, 20 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 19 November 20
MARKET INSIGHT - INTERMODAL
As we are moving towards the end of the year, the overall deal landscape of the dry bulk sector corresponding to the second half of 2020 (up to dat ...
Tuesday, 17 November 20
COAL SQUEEZE INTENSIFIES - BALTIC EXCHANGE
The message from the top is clear: cut out coal. While the regulatory pressure has been evident for some time, the race to banish the black stuff s ...
Tuesday, 17 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 128.72 points Monday, up 0.35 percent week on week.
The index, released by China ...
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- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
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- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
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- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
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- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
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- Commonwealth Bank - Australia
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- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
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- Power Finance Corporation Ltd., India
- Minerals Council of Australia
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- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Sarangani Energy Corporation, Philippines
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- Pipit Mutiara Jaya. PT, Indonesia
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- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Australian Coal Association
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- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
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- Planning Commission, India
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- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
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- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- The University of Queensland
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
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- Price Waterhouse Coopers - Russia
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