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Wednesday, 08 January 14
SHIPPING: THE ABSOLUTE BOTTOM OF THE CYCLE WAS REACHED AND PASSED - GEORGE LAZARIDIS
 COALspot.com: To many in the industry 2013 has been the turning point in the market where the absolute bottom of the cycle was reached and passed.
The truth is that from the very start of the year we had good omens pointing to a change in conditions. The start of all this seemed to have been initially brought about by the increased activity that was triggered early on in the year by the continuous drop in value of the Japanese Yen, and more directly by the change in investor perception regarding the level that second-hand and new building prices had reached. This increased activity in the dry bulk market started to gradually build up and in turn creating more buying interest and pushing prices upwards.
With all this we have managed to see a stellar year in terms of activity, with second-hand sale and purchase activity reaching over 1,500 in number which is considerable improvement compared to the 1,223 that took place in 2012 and the 1,154 in 2011. From this total for 2013, around a quarter were made by Greek buyers, followed by the Chinese which had less than a third of what Greek buyers managed. What makes this even more extraordinary is that these Greek purchases were made in the backdrop of a troubled ship financing sector especially when it comes to Greek banks which faced complete restructuring half way through the year, leaving them with limited resources for use to further support second-hand purchases. One of the biggest transitions in this regard has been the extent to which we have seen private equity funds turning their attention towards shipping and stepping up to fill part of the financing void that has been created these past couple of years.
There was also a similar development in the new building market, where despite the limited activity of new orders made during 2012, the past 12 months we have seen a dramatic turn around with most shipbuilders’ order books filling up until early 2016 delivery. The total number of new orders reached over 2,000 units for the main four ship types (i.e Dry Bulkers, Tankers, Containers and Gas Carriers), which is a considerable increase compared to the respective 881 noted in 2012. In terms of which shipbuilding nation took the leading role, this year was the chance for Chinese shipbuilders to retake the reigns and receive almost 40% of all the new orders placed. In comparison S. Korean and Japanese shipbuilders both received around 16% each of all the new orders placed. In respect to buyers, Greek and Japanese owners were closely tied first place in terms of volume of new orders made, although Greeks overall made orders for larger vessels. Taking into consideration what we had seen throughout 2013, it looks as though there is much to look forward to for the next 12 months. The market players look to be considerably more optimistic than a year back and with limited new deliveries scheduled for this year when compared to previous years, it looks that there is a possibility that the balance between supply and demand may well be even better this year. With much of the worst now seeming to be well behind us it is a matter of how owners will find new and novel ways to fund the opportunities that they find and if they prove to be profitable ventures will that eventually change the perception amongst traditional ship financing banks allowing them to renter the scene and pull the market into even better prospects.
by George Lazaridis
Research Analyst
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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Thursday, 09 January 14
CAPESIZE: WEST AUSTRALIA FREIGHT IS NOW DOWN IN THE $8S AND STILL DROPPING - FEARNLEYS
Handy
In the Atlantic we see rates sliding slowly for the start of 2014. Several players cvrd over the holidays and the rate decline was som ...
Thursday, 09 January 14
THE SHIPPING MARKET IN 2013 AND LOOKING FORWARD GLOBAL ECONOMY: STEADY AS SHE GOES UPWARDS - BIMCO
Over the past year, developed economies have gained traction while developing and emerging economies have suffered from slower growth. Despite key e ...
Wednesday, 08 January 14
DRY BULK MARKET PROSPECTS LOOKING BRIGHTER DESPITE SLOW START TO THE NEW YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the fact that the dry bulk market's benchmark, the BDI has been on a fall since the start of 2014, ending yesterday's session down to 1,87 ...
Wednesday, 08 January 14
AUSTRALIAN NEWCASTLE PORT'S WEEKLY COAL EXPORTS FALL
COALspot.com: In the week ended January 6, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.27 m ...
Wednesday, 08 January 14
THE DRY BULK MARKET HAS LOST SOME OF ITS STEAM THESE PAST COUPLE OF DAYS: INTERMODAL
Chartering (Wet: Softer- / Dry: Softer- )
The Dry Bulk market has lost some of its steam these past couple of days although hires, espe ...
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- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Australian Coal Association
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
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