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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
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