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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, 01 May 13
NEWCASTLE PORT SHIPPED 23.14 PER CENT MORE COAL WEEK ON WEEK
COALspot.com - Newcastle port in Australia has loaded 2,997,729 tons of thermal and coking coal for week ended 0700 hours 29 April 2013, Newca ...
Tuesday, 30 April 13
KATINGAN RIA THERMAL COAL TO START PRODUCTION FROM EARLY 2014
COALspot.com - Realm Resources Ltd. (ASX: RRP) has announced the completion of the Feasibility Study for its 51% owned Katingan Ria thermal co ...
Monday, 29 April 13
FIRST TRADES OF SGX API 8 CFR SOUTH CHINA COAL SWAP
COALspot.com - The SGX API 8 CFR South China Coal Swap went live for clearing on SGX-DC today with a total volume of 25,000 metric tonnes (25 lots). ...
Sunday, 28 April 13
SUB BIT INDONESIA COAL & CFR SOUTH CHINA COAL SWAPS STAY POSITIVE
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average May 2013 delivery has gained 0.34 percent and CFR South China coal shipment gai ...
Sunday, 28 April 13
PANAMAX FREIGHT COULD BE SOFT NEXT WEEK - CAPT. REDDY
COALspot.com - This BDI closed slightly lower at 871 points (down by 1.91 pct) mainly due to drop in the Panamax index by almost 10 pct.
Th ...
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- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- The University of Queensland
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
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