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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, 17 December 13
NEWCASTLE COAL EXPORTS UP 37.83% WEEK ON WEEK
COALspot.com: In the week ended December 16, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.45 ...
Monday, 16 December 13
SUB-BIT FOB INDONESIA COAL SWAP LOST $ 0.53 IN A WEEK
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery gained $ 0.91 pmt month on month on Friday 13 December 2013 ...
Monday, 16 December 13
API 8 CFR SOUTH CHINA COAL Q3' 14 DELIVERY PRICE CLOSED $1.63 LESSER THAN Q1' 14 PRICE
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 5.34 percept month on month as on Friday 13 December 2013. ...
Sunday, 15 December 13
SUPRAMAX'S FREIGHT RALLY COMES TO AN END THIS WEEK
COALspot.com: The BDI was up by 7 pct closing at 2,330 points week on week and the cape index was also up by 10.51 points and closed at 4,246 points ...
Friday, 13 December 13
HARD COAL : VOLUMES POSSIBLY AT RECORD-BREAKING HIGH; PRICES POSSIBLY AT A RECORD-BREAKING LOW - VDKI
Press Release : World Hard Coal Market 2013: volumes possibly at record-breaking high, prices possibly at a record-breaking low. German and UK impor ...
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- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- The University of Queensland
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Planning Commission, India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
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