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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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Thursday, 09 January 14
CAPESIZE: WEST AUSTRALIA FREIGHT IS NOW DOWN IN THE $8S AND STILL DROPPING - FEARNLEYS
Handy
In the Atlantic we see rates sliding slowly for the start of 2014. Several players cvrd over the holidays and the rate decline was som ...
Thursday, 09 January 14
THE SHIPPING MARKET IN 2013 AND LOOKING FORWARD GLOBAL ECONOMY: STEADY AS SHE GOES UPWARDS - BIMCO
Over the past year, developed economies have gained traction while developing and emerging economies have suffered from slower growth. Despite key e ...
Wednesday, 08 January 14
DRY BULK MARKET PROSPECTS LOOKING BRIGHTER DESPITE SLOW START TO THE NEW YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the fact that the dry bulk market's benchmark, the BDI has been on a fall since the start of 2014, ending yesterday's session down to 1,87 ...
Wednesday, 08 January 14
AUSTRALIAN NEWCASTLE PORT'S WEEKLY COAL EXPORTS FALL
COALspot.com: In the week ended January 6, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.27 m ...
Wednesday, 08 January 14
THE DRY BULK MARKET HAS LOST SOME OF ITS STEAM THESE PAST COUPLE OF DAYS: INTERMODAL
Chartering (Wet: Softer- / Dry: Softer- )
The Dry Bulk market has lost some of its steam these past couple of days although hires, espe ...
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- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- The University of Queensland
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- CNBM International Corporation - China
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
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