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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, 04 December 13
INDONESIAN COAL EXPORTS VOLUME AND REVENUE IN OCTOBER MARCHED TOWARDS NORTH
COALspot.com: Indonesia, the world's 4th largest coal producer and the largest multi grade coal exporter shipped over $1.76* billion worth of ...
Wednesday, 04 December 13
WEST AUSTRALIA IRON ORE FIXTURES ALSO CONTINUING TO PROVIDE A STEADY FLOW OF BUSINESS FOR CAPES - INTERMODAL
The Dry Bulk market has reversed course this past week, bringing back some of the lost excitement of the past month, as all size segments climbed hi ...
Wednesday, 04 December 13
THE BUYERS' DEMAND IS CONTINUOUSLY BULLISH - KONSTANTINOS KONTOMICHIS
The very low rates that prevailed for the bigger part of 2013 seem to have prepared the ground for buying opportunities for shipping investors. The ...
Wednesday, 04 December 13
SGX AND CFA TO COLLABORATE TO DEVELOP DERIVATIVES MARKETS IN CHINA AND SINGAPORE
Singapore Exchange (SGX) and the China Futures Association (CFA) are cooperating in the development of derivatives markets in China and Singapore.
...
Wednesday, 04 December 13
SGX'S MONTHLY VOLUMES REACHED A RECORD HIGH OF 705,000 MT IN NOVEMBER 2013
COALspot.com: SGX has announced that, it monthly volumes have reached a record high of 705 lots (705,000 mt) in November 2013 with month-end open in ...
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- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Australian Coal Association
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Planning Commission, India
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
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