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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, 09 December 13
SUB-BIT INDONESIA COAL SWAP FOR Q3' 14 DELIVERY CLOSED $ 0.57 LESSER THAN Q1 CLOSING
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’ 14 delivery gained $ 1.49 pmt month on month on Friday 6 Decembe ...
Sunday, 08 December 13
SOUTH CHINA COAL SWAPS SHOW A DECLINE TREND IN Q2 & Q3' 14
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 6.76 percept month on month as on Friday 6 December 2013. T ...
Sunday, 08 December 13
RBCT SHIPPED 63.446 MMT OF COALS YTD
COALspot.com - Richards Bay Coal Terminal (RBCT), the world's single largest coal terminal has shipped 63,446,232 mt of coals YTD, according to por ...
Saturday, 07 December 13
SUPRAMAX SHIPS FOR EC INDIA TO CHINA ROUTE BEING FIXED AT AROUND US$ 13K - SOLYM
COALspot.com: The freight market continued to be firm due to high Iron ore demand. The cape index was up by almost 25 pct this week. The grain seaso ...
Saturday, 07 December 13
A RARE TIME IN RECENT SHIPPING MARKET HISTORY: BOTH DRY BULK AND VLCC TANKER EARNINGS ARE ON THE RISE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Around this time of year, back in 2008, i.e. five years ago, the shipping markets were plagued with the aftermath of the global financial crisis tha ...
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- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- The University of Queensland
- Australian Coal Association
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
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