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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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Friday, 22 November 13
DRY BULK MARKET STILL LACKLUSTRE, DESPITE PROJECTIONS OF A NEW RALLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
We might still be about six weeks far from the end of the year, but the projected by many analysts upcoming rally of the dry bulk market, hasn't ye ...
Friday, 22 November 13
US COAL PRODUCTION DOWN 1.3% W-W
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.5 million short tons (mmst) of coal in ...
Thursday, 21 November 13
TAIPOWER TO PROCURE 750K MT OF 5500 GAR BITUMINOUS COAL FOR MAY - AUGUST 2014
COALspot.com: Taiwan Power Company intends to procure 750,000 metric tons of bituminous coal with calorific value not lesser than 5,500 kcal/kg on a ...
Thursday, 21 November 13
CAPESIZE : THE DOWNWARD TREND HAS TURNED INTO NOTABLE SPOT AND PERIOD IMPROVEMENT - FEARNLEYS
Handy
The Atlantic market experienced a general rate increase for most trades this week. More cargoes in the market and chrts looking for prompt t ...
Wednesday, 20 November 13
PANAMAX MARKET RESUMED ITS NEGATIVE MOVEMENT FOR A SECOND WEEK IN A ROW - INTERMODAL
COALspot.com: The recovery noted the week prior in the dry Bulk market proved to be short-lived, as the BDI slipped back down to the low 1,500 point ...
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- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- VISA Power Limited - India
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Economic Council, Georgia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
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