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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, 21 May 13
NEWCASTLE PORT COAL SHIPMENTS SEEN FALLING WEEK ON WEEK
COALspot.com - Newcastle port in Australia has loaded 2,205,024 tons of thermal and coking coal for week ended 0700 hours 20 May 2013, Newcast ...
Sunday, 19 May 13
COAL PRICES ARE SLUMPING DUE TO WEAK DEMAND
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average July 2013 delivery have gained 0.03 percent and API 8 CFR South China Coal shipment g ...
Sunday, 19 May 13
FREIGHT RATES TO REMAIN UNSTABLE AND VOLATILE - CAPT. REDDY
COALspot.com – The freight remained weak this week with all the segments down.
The BDI, the Baltic Dry Index is a number issued daily by th ...
Friday, 17 May 13
US COAL PRODUCTION CLIMBED 3.35 PER CENT WEEK ON WEEK
COALspot.com - U.S. produced totaled approximately 18.50 million short tons (mmst) in a week (For the week ended May 11, 2013), EIA said in its late ...
Thursday, 16 May 13
PANAMAX: THE FORWARD CURVE IS FALLING GRADUALLY - FEARNRESEARCH
Handy
The Atlantic market remained quiet. The USG-Feast was at USD 19k and Black Sea-Feast was at USD 11k. The Pacific market remained uncertain as ...
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- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
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