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Wednesday, 25 December 13
SHIPPING : AS FAR AS THIS CYCLE IS CONCERNED, 'WE HAVE SEEN THE WORST....!' - JOHN N. COTZIAS
 In a week’s time the year comes to an end. Having been a speaker in two seminars over the past 5 days I was able to see the year ending trends and some very interesting points and findings that stood out which I would like to share with you. In the first half of 2013 the Dry Cargo freight markets, found Capes earning much less than all other dry bulk size segments. This was rectified after June and today the rates are currently more or less back in line with the respective carrying capacity and we hope that the momentum will feed through to 2014.
On the SnP front, activity was superb. We had more than 1,500 deals concluded so far in the year. The total USD outlay, from sales of which details are disclosed, is slightly more than $ 21bn. The respective figures for 2012 are 1,200 deals and $14bn outlay. Compared to 2012, S&P activity on average was up by 26-27% on just about every month. Dry Bulk vessels prices have increased significantly over the past 12 months. The most notable increase was noted in a 5 yr old Panamax that has shot up by more than 50%. Last year, you could buy a 5 yr old Panamax with $ 17-18m. Today with the same money you are just about purchasing a 10 yr old Panamax!!! Rising price didn’t deter investors from acquiring vessels. To the contrary we can say. The fact that conventional financing was practically scarce meant that a very important chunk of SnP deals was mostly financed by “own pockets” and/or alternative sources of finance.
Additionally, trust in the banking system was shaken this year. The fearful and sad scenario of thousands realizing that their bank deposits could suffer a tremendous haircut over-a-weekend, as it happened in Cyprus, made many shipowners and others turn into a what appeared as a much safer investment ; Shipping.
On the Newbuilding sector, we had many new orders, with more than 870 bulkers, 527 Tankers, 161 Gas Carriers and 243 Containers being contracted during this year so far. The majority of these contracts have gone to Chinese builders, whose share of orders this year amounts to more than Korea’s and Japan’s shares added up together. Non-availability of slots has taken off a lot of pressure from major shipbuilders to further reduce their prices and from a point onwards they actually started to charge a premium for earlier slots. However, if we still look back, current newbuilding prices are still on the low side.
Demolition stats show that more than 50m tons of DWT carrying capacity was taken from the world active fleet, compared to more than 60m tons in 2012. Nevertheless, last year was a record year and therefore difficult to match, therefore the fact that this year’s figure stands at these levels is still very significant. India appears to have been the leading demo country in both number of ships and dwt scrapped there, while China comes second in number of ships and 3rd in dwt. Demo prices hold firm, with the average since 2009 standing above $400 per ldt, always supported by the strong demand for steel. It goes without saying that the increased demolition activity we have seen over the past 4 years, tremendously helps alleviate the pressure of new tonnage entering the active fleet.
In general, we consider 2013 to be a year of momentum, with a lot of investment opportunities being “grabbed” by a number of players in the market. We are of the strong belief and share the opinion of many shipping professionals that, as far as this cycle is concerned, “we have seen the worst… !”
Happy New Year to All, full of health, joy, happiness and successful shipping deals!
Compiled by:
Intermodal Research & Valuations | research@intermodal.gr
Analysts:
Mr. George Lazaridis | g.lazaridis@intermodal.gr
Ms. Eva Tzima | e.tzima@intermodal.gr
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 15 January 14
CFR SOUTH CHINA COAL SWAPS FALL BY 6.57% MONTH ON MONTH
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery lost 6.57 percept month on month and closed at US$ 78.90 per mt as ...
Wednesday, 15 January 14
INDONESIAN MINING LAW AVERTS BOP PRESSURE, RISKS REMAIN, FITCH SAYS
The last-minute intervention at the weekend by Indonesia's politicians to avert a significant disruption of mining activity and exports, should lim ...
Wednesday, 15 January 14
Q3 AND Q4 INDONESIAN COAL SWAPS DECLINE MONTH ON MONTH
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery lost $ 1.23 pmt month on month on Friday 10 January 2014. T ...
Wednesday, 15 January 14
PANAMAX: PACIFIC - REMAINED QUIET; ATLANTIC - CONTINUED THEIR RETREAT
COALspot.com: The holiday hangover seems well underway for the Dry Bulk market that saw more ground being lost this past week. The BDI has closed of ...
Tuesday, 14 January 14
AUSTRALIAN NEWCASTLE PORT'S WEEKLY COAL EXPORTS FALL 18.28 %
COALspot.com: In the week ended January 13, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 2.67 ...
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- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
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