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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, 03 December 13
PORT OF NEWCASTLE IN QUEENSLAND SHIPPED 1.22 MMT MORE COAL W-W
COALspot.com: In the week ended December 2, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.49 ...
Tuesday, 03 December 13
U.S PRODUCED 900.80 MMST YEAR-TO-DATE
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.7 million short tons (mmst) of coal in ...
Monday, 02 December 13
SUB-BIT INDONESIA COAL SWAP DIFFERENCE BETWEEN Q1 AND Q3 DELIVERIES ARE VERY MARGINAL
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’ 14 delivery gained $ 1.67 pmt month on month on Friday 29 Novemb ...
Sunday, 01 December 13
API 8 CFR SOUTH CHINA COAL SWAP FOR Q2 AND Q3 DELIVERY SHOWS A DECLINE
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 0.63 percept d-d on Friday 29 November 2013. The CFR South ...
Sunday, 01 December 13
PANAMAX RATES HAVE REBOUNDED - CAPT. REDDY
COALspot.com: The freight market was quite firm last week with all the indices increased. Cape Index was gained highest this week which supports inc ...
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- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- White Energy Company Limited
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- GMR Energy Limited - India
- Australian Coal Association
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Economic Council, Georgia
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- The University of Queensland
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- MS Steel International - UAE
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
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