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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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Friday, 20 December 13
US PRODUCED 2.71% MORE COAL WEEK ON WEEK
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal in ...
Friday, 20 December 13
DRY BULK MARKET SLUMPS AHEAD OF HOLIDAY SEASON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As has been the case in recent years, the dry bulk market has been on a downward trend ahead of the Holiday Season for a large part of the world. Th ...
Thursday, 19 December 13
SHIPPING CONFIDENCE HITS THREE-YEAR HIGH - MOORE STEPHENS
Overall confidence levels in the shipping industry rose to their highest level for more than three years over the three-month period to November 201 ...
Wednesday, 18 December 13
SNP ACTIVITY IN CHINA SEEMS TO BE SLOWING DOWN - CHRISTOS TRAGEAS
Approaching the end of the year, SnP activity in China seems to be slowing down in comparison to the first half of this quarter, as most Chinese Shi ...
Wednesday, 18 December 13
DEMOLITION ACTIVITY SCALED BACK AS FREIGHT RATES RISE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's always been the case that each time we witness a spike in freight rates, demolition activity is decreasing, as owners are looking for more car ...
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- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Minerals Council of Australia
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Bhatia International Limited - India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Australian Coal Association
- GVK Power & Infra Limited - India
- The University of Queensland
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Malabar Cements Ltd - India
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