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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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Sunday, 09 June 13
IRON ORE DEMAND: WEAK; COAL MOVEMENT: STEADY TO INDIA AND CHINA - CAPT. REDDY
COALspot.com - The freight market was fairly steady with BDI up by 0.37 per cent closed at 812 points this week.
The Cape index was also ended in ...
Friday, 07 June 13
MEDITERRANEAN COAL MARKETS
Press Release: 3rd International Conference Mediterranean Coal Markets will be held on 16-17th of September 2013, Istanbul, Turkey, Ceylan Intercont ...
Friday, 07 June 13
US'S COAL PRODUCTION INCREASED BY 0.54 PER CENT THE WEEK ENDED JUNE 1
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 18.60 million short tons (mmst) of ...
Thursday, 06 June 13
WE ARE SEEING SOME FRESH INDO COAL TO CHINA AND INDIA - FEARNRESEARCH
Handy
In the Atlantic, the Gulf remains firm for the next week with a few orders in the market. The Supramaxes are seeing around low 20k for fronth ...
Wednesday, 05 June 13
DON'T AVOID PAYING COAL ROYALTY TO THE GOVERNMENT - INDONESIAN ENERGY MINISTER
COALspot.com – “Every country has the right to make policies to protect their national interests”, Energy and Mineral Resources Mi ...
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- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
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- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- White Energy Company Limited
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Economic Council, Georgia
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