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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, 12 June 13
INDONESIAN COAL PRICE REFERENCE SLIDES TO 2013 LOW
COALspot.com - Indonesian Coal Price Reference continues to take its lumps this month, dropping about 0.54 % and hitting a 2013 low. The Indonesian ...
Tuesday, 11 June 13
COAL: NO SIGN OF RECOVERY - GABRIELLA
COALspot.com: We attended the 19th Annual Coaltrans Asia Conference, where we found most of the speakers were not very optimistic on the outlook for ...
Tuesday, 11 June 13
NEWCASTLE PORT SHIPPED MORE COAL WEEK ENDED 11 JUNE 2013
COALspot.com - Newcastle port in Australia has loaded 3,104,509 tons of coal for the week ended 0700 hours 11 June 2013, Newcastle Port Corp. ...
Tuesday, 11 June 13
OUTLOOK FOR CAPESIZES LOOKS GRIM, DESPITE FALLING IRON ORE PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Things aren't looking all that rosy for the dry bulk market, despite a stronger volume of iron ore imports during the months of March and April, as ...
Sunday, 09 June 13
CFR SOUTH CHINA COAL SWAP IS UNDER PRESSURE
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average July 2013 delivery have lost 0.03 percent week on week but gained 0.07 pe ...
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- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Planning Commission, India
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Economic Council, Georgia
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- MS Steel International - UAE
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- VISA Power Limited - India
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- The University of Queensland
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