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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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Monday, 06 January 14
INDONESIAN COAL SWAPS SLIDE TO $ 61.25 FOR Q4' 14 DELIVERY
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery lost $ 0.32 pmt month on month on Friday 3 January 2014. Th ...
Sunday, 05 January 14
API 8 CFR SOUTH CHINA COAL SWAP FOR Q3 DELIVERY CLOSED $ 80.05, A $ 0.90 LOWER THAN Q1 PRICE
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery lost 1.40 percept day on day closed at US$ 80.95 per mt as o ...
Sunday, 05 January 14
CENTRAL BUREAU OF INVESTIGATION OF INDIA REGISTERS CASES IN CONNECTION WITH ALLEGED SUPPLY OF LOW QUALITY INDONESIAN COAL BY A PRIVATE COMPANY TO NTPC & NSPCL
COALspot.com: The Central Bureau of Investigation of India has registered two cases regarding alleged supply of low quality imported Indonesian coal ...
Saturday, 04 January 14
THE INDONESIAN GOVERNMENT TO DOWNSIZE ITS COAL PRODUCTION TARGET TO 400 MMT THIS YEAR
COALspot.com: Indonesia to downsize its coal production target to 400 million tons in 2014, lower than the production in 2013, which stood at 421 mi ...
Friday, 03 January 14
IN 2013 RBCT HAS, FOR THE FIRST TIME, EXPORTED MORE THAN 70 MILLION TONS OF COAL
COALspot.com: South Africa's Richards Bay coal terminal, the world’s largest single coal exporting terminal shipped 6.788 million tonnes of c ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- The University of Queensland
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Posco Energy - South Korea
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Interocean Group of Companies - India
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