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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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Tuesday, 24 December 13
AUSTRALIAN NEWCASTLE PORT'S WEEKLY COAL EXPORTS UP 11.46% W-W
COALspot.com: In the week ended December 23, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.84 ...
Tuesday, 24 December 13
SGX HAS LAUNCHED FREIGHT FUTURES
COALspot.com: Singapore Exchange (SGX) has announced the launch of freight future yesterday.
According to SGX’s press release, SGX has laun ...
Monday, 23 December 13
API 8 CFR SOUTH CHINA COAL SWAP FOR AVERAGE Q1' 14 CLOSED AT $ 82.80
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 2.97 percept month on month as on Friday 20 December 2013. ...
Sunday, 22 December 13
Q1' 14 DELIVERY COAL SWAPS CLOSING HIGH COMPARED TO Q4' 14 DELIVERY CLOSING
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery gained $ 1.31 pmt month on month on Friday 20 December 2013 ...
Sunday, 22 December 13
QUIET FREIGHT MARKET DUE TO LONG HOLIDAYS
COALspot.com: The market was soft this week with all indices down. However towards second half of the week the futures on segments was firming up.
...
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- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Australian Coal Association
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- White Energy Company Limited
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Planning Commission, India
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
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