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Wednesday, 16 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
 Wake me up when September ends - Theodore Ntalakos
Since last September most thought that the worst was behind us. It looks like the market decided once again to contradict everybody and show it's unpredictable nature. Opinions for recovery in the second half of 2014 are now challenged and some are already extending their predictions for recovery to the final quarter. Once again we see demand for seabourne trade not being enough to maximize utilization of the current fleet. China's economy, a decisive factor of dry bulk ship utilization, is slowing down and its iron ore and coal stockpiles remain high.
On the other hand although suppressed, there are substantiated views that the market will turn and whilst the BPI is around September 2012 lows, we see buying interest in modern bulk carriers, from at least a handful of buyers, trying to take advantage of the depressed market. The asset prices are definitely correcting but sellers are not really prepared to meet buyers' aiming levels just yet. Only if the market conditions remain where they are now will we see some sellers reconsider.
A falling market nevertheless, always offers great opportunities and in fact some of the best buys are done during the summer sloth. On the supply side, over the past year, we have recorded a net growth of the fleet of about 370 vessels; this is a 4% increase which in my view is not what has killed the market. However, the rationalization of the orderbook did not last for too long. The orderbook has increased from about 1,400 vessels, representing 16% of the trading fleet, this time last year, to 1,734 vessels this year representing 20% of the dry fleet.
Over-ordering of ultramax size bulk carriers has been lengthily discussed and criticized, and it's a fact that from 388 vessels in June 2013 we now have 682 on order which is a 76% increase! Although not all of them will be materialized, it will no doubt put a lot of pressure in the supramax and the panamax markets going forward. The silver-lining is that while it’s no more than two years since the panamax orderbook also stood at more than 650 vessels, the freight market still managed to improve in 2013 showing that solid demand can somewhat support a little extravagance in ordering.
The panamax fleet has increased by a little more than 130 vessels or 7% following a record of deliveries in 2013. The orderbook of panamax up-to post-panamax size has actually declined from 382 vessels on order to 342 vessels (down from 650 two years ago). We feel that, once the first new generation vessels start trading showing their economic characteristics, the next shipbuilding orders will be in this size which lagged behind in the vessel ordering spree of 2013.
The Handysize fleet has grown by only 17 vessels the past year. The orderbook today represents a healthy 18% of the fleet, and has decreased since the beginning of 2014. There are many new and proven designs from 35,000 up to 43,000 tons deadweight offered by the builders these days and the sector has demonstrated a relative stability compared to the volatile bigger sizes. It remains attractive as a sector due to its low volatility but there is skepticism if the investment will ever provide lucrative returns.
As a result of the orderbook and the market conditions, new building inquiries are limited.
Buyers are waiting for the prices to follow the market and are currently only discussing with the very few shipyards that offer prices below the market. However, with most of the reputable shipbuilders offering their last 2016, or in some cases 2017 slots, there is no rush to follow the market; therefore, it will take some time for the prices to return to more attractive levels.
By Theodore Ntalakos - SnP Broker
Analysts:
Mr. George Lazaridis
Ms. Eva Tzima
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.
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Thursday, 31 July 14
RIO TINTO SELLS MOZAMBIQUE COAL ASSETS FOR US$ 50 MILLION TO INDIA'S ICVL
COALspot.com: Rio Tinto has agreed to sell its Mozambique coal assets for just US$ 50 million to International coal ventures Private limited of Ind ...
Wednesday, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
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Showing 3571 to 3575 news of total 6871 |
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- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- MS Steel International - UAE
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- PTC India Limited - India
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
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