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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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Saturday, 30 November 13
NTPC STARTED IMPORTING COAL THROUGH NW1 FOR ITS FARAKKA POWER PLANT
COALspot.com: In a pioneering and path breaking operation, the very first consignment of about 69,060 metric tons of imported coal bought by MV HUAY ...
Friday, 29 November 13
DRY BULK MARKET BACK ON HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market is strengthening as a result of higher demand for Capesize vessels. The BDI (Baltic Dry Index) was up by 146 points yesterday, e ...
Wednesday, 27 November 13
DRY SEGMENTS EXCEPTION OF PANAMAXES, REMAINED OVERALL STABLE - INTERMODAL
COALspot.com : The Dry Bulk market closed off the week in the red, albeit the decrease noted was of short scale. With the exception of Panamaxes, th ...
Wednesday, 27 November 13
US WHEAT IMPORTS TO BRAZIL, REACHED A 35 - YEAR HIGH - EVA TZIMA
COALspot.com: As I am going through a number of dry market fixtures reported since the beginning of October, my eyes instinctively stop where they d ...
Wednesday, 27 November 13
SHIP OWNERS ONCE AGAIN TURN TO DRY BULK CARRIERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners once again turned to more dry bulk carrier ordering over the course of the past week, as more and more appear convinced of the industry ...
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- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
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