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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, 17 November 20
AUSTRALIAN COAL EXPORTS TO CHINA SLUMP, BUT PRICES ARE MIXED - REUTERS
China’s unofficial ban on coal imports from Australia is starting to take its toll on volumes, with departing cargoes down sharply so far in ...
Friday, 13 November 20
SHIPPING OUTLOOK TURNS STABLE ON EBITDA GROWTH, IMPROVING SUPPLY-DEMAND BALANCE - MOODY’S
Outlook revised to stable from negative.
The global shipping industry is on course to perform better overall than we had previously ex ...
Friday, 13 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 ...
Monday, 09 November 20
INDONESIA MAY CUT BIODIESEL USE TARGET AS SUBSIDY FUND DEPLETES - FITCH
The Indonesian government may rein in its push to increase use of biodiesel as it now comes at higher cost following a fall in crude oil prices and ...
Monday, 09 November 20
SOUTH AFRICA: COAL MARKET CONDITIONS HAVE ' DETERIORATED MATERIALLY' - IEEFA
The Asian seaborne thermal coal pool is drying out
Resource Generation Ltd’s proposed but long delayed Boikarabelo coal mine i ...
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- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- The University of Queensland
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- PTC India Limited - India
- Planning Commission, India
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
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