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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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Wednesday, 11 December 13
BDI REACHED A PEAK OF YEAR RECORD OF 2,237 POINTS WHICH IS A SIGNIFICANT CHANGE IN MARKET CONDITIONS
Getting closer to the end of 2013, it is important that we have a review of the course the market has taken these past 12 months by looking at the B ...
Tuesday, 10 December 13
HNL, AN INDIAN STATE-OWNED NEWSPRINT PAPER MAKER SEEKS 50K TONS OF INDONESIAN 5600 COAL
COALspot.com: Hindustan Newsprint limited (HNL), an Indian state owned news print paper producer invited bids to supply 50,000MT of min 5,200kcal/kg ...
Tuesday, 10 December 13
COLOMBIAN THERMAL COAL EXPORTS SLIPPED 25.54% M-M IN OCTOBER'13
COALspot.com: Colombia's Thermal coal exports in October dropped 25.54% month on month to 5,990,815.13 million mt, according to data from mining de ...
Tuesday, 10 December 13
NEWCASTLE COAL EXPORTS PLUNGE W-O-W
COALspot.com: In the week ended December 9, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 2.50 ...
Monday, 09 December 13
SOUTH AFRICA'S RICHARDS BAY COAL EXPORTS IN NOVEMBER DECLINED 14.43% M-M
COALspot.com: South Africa's Richards Bay coal terminal exported 6.224 million tonnes of coal in November, declining by 1.05 million tons from the ...
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- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- The University of Queensland
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- White Energy Company Limited
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Indian Energy Exchange, India
- PTC India Limited - India
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
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