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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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Friday, 06 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, 05 November 20
THE INDONESIA COAL PRICE REFERENCE RISES FOR SECOND CONSECUTIVE MONTH
COALspot.com: The Indonesia Coal Price Reference rose for a 2nd month by 9.24% month on month. The Indonesia Coal Price Reference for the month of ...
Wednesday, 04 November 20
PHILIPPINES COAL MORATORIUM HIGHLIGHTS DRAMATIC PIVOT TO RENEWABLE ENERGY INVESTMENT FOR LOWER PRICES AND POWER SYSTEM RESILIENCE - IEEFA
Policymakers and industry leaders ready to embrace new energy technologies
The Department of Energy’s call for a moratorium on ...
Wednesday, 04 November 20
FOREIGN INVESTORS FACE TOUGH TIMES CLOSING VIETNAM’S REMAINING COAL POWER DEALS - IEEFA
Project bankability at risk as new regulations threaten usual contractual terms
Foreign investors will face higher-than-usual risks ...
Wednesday, 04 November 20
MARKET INSIGHT - INTERMODAL
As the end of the year approaches, one would definitely notice that the newbuilding orderbook for bulk carriers is significantly smaller compared t ...
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- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Petron Corporation, Philippines
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
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