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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, 30 December 13
INDONESIAN COAL TO BE PART OF INDEX DETERMINING POWER TARIFFS - BUSINESS STANDARD
In a significant move, power sector regulator CERC has decided to provide 50 per cent weightage for Indonesian coal in the benchmark index that is u ...
Friday, 27 December 13
THE EXPORT OF UNPROCESSED MINERALS WOULD NOT BE ALLOWED AFTER 12 JAN 2014 - INDONESIAN ENERGY MINISTER
COALspot.com: The government of Indonesia will implement Law No. 4 of 2009 on Mineral and Coal in full and consistently by January 12, 2014, said, m ...
Friday, 27 December 13
INDONESIA SHIPPED 15.75 PERCENT MORE COAL IN NOVEMBER
COALspot.com: Indonesia, the world's 4th largest coal producer and the largest multi grade coal exporter shipped over $2* billion worth of co ...
Thursday, 26 December 13
COAL & OIL GROUP SECURES US$ 250 MILLION FUNDING FOR ITS 1200MW THERMAL POWER PLANT IN INDIA
COALspot.com: Dubai-based Coal & Oil (C&O) Group has announced that it has secured additional funding of approximately Dhs. 1 billion (appro ...
Wednesday, 25 December 13
DRY BULK INDEX LOST SOME GROUND THIS PAST WEEK - INTERMODAL
Chartering (Wet: Firm+ / Dry: Softer - )
The Dry Bulk Index lost some ground this past week, on the back of activity slowing down befor ...
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- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- The University of Queensland
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- PTC India Limited - India
- Aditya Birla Group - India
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Australian Coal Association
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Planning Commission, India
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
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