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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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Wednesday, 16 July 14
INDIA BUDGET HAS LIMITED SHORT TERM IMPACT ON POWER SECTOR - FITCH RATINGS
Fitch Ratings says that the measures announced relating to India's electricity sector in the budget for FY2015 are directionally correct but in ...
Tuesday, 15 July 14
INDONESIA'S TOTAL COAL PRODUCTION REACHED ANOTHER HIGH DURING THE FIRST SIX MONTHS; GOVERNMENT EXPECTED TO RAISE ROYALTIES
COALspot.com: Indonesia's total coal production reached 213 million tons during January through June, up by 7.6 percent y-o-y. Coal output in I ...
Monday, 14 July 14
THE END OF THE ERA OF HEAVY FUEL OIL IN MARITIME SHIPPING - ICCT
KNOWLEDGE TO ELEVATE
Since the 1960s, heavy fuel oil (HFO) has been the king of marine fuels. Viscous, dirty, yet inexpensive and widely avail ...
Monday, 14 July 14
SGX SUB-BIT FOB INDONESIA COAL SWAP FOR Q4' 14 DELIVERY CLOSED AT $ 54.80
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 14 July 14
SGX CFR SOUTH CHINA COAL SWAP FOR Q3' 14 LOST 17.29% SINCE EARLY JANUARY 2014
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. API 8 CFR South China Coal swap for delivery in Q3 drops U ...
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Showing 3601 to 3605 news of total 6871 |
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- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- PTC India Limited - India
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Australian Coal Association
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Planning Commission, India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
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