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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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Sunday, 13 July 14
PANAMAX INDEX GAINS SLIGHTLY THIS WEEK; CAPE INDEX FALLS ALMOST 21.40%
COALspot.com: This week the freight market fell again after gaining last week. The cape index was down almost 21.40 pct and closed at 1465 points.
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Friday, 11 July 14
EUROPE HAS A SUBSTANTIAL SURPLUS IN COAL SUPPLIES; RENEWABLE ENERGIES ARE REDUCING THE FULL-LOAD OPERATING HOURS OF HARD COAL-FIRED POWER PLANTS - VDKI
COALspot.com: General conditions for coal-fired power plants must be improved if the energy turnaround is to be a success, said German coal importe ...
Friday, 11 July 14
DR.CIESLIK RE-ELECTED AS CEO OF GERMAN COAL IMPORTER ASSOCIATION (VDKI)
Press Release : Dr Cieslik re-elected as CEO of German Coal Importer Association (VDKi) for the period 2014 – 2018. The German Coal Importer ...
Friday, 11 July 14
PORT OF NEWCASTLE SHIPPED $ 1.031 BILLION WORTH OF 11.744 MILLION TONS OF COAL IN JUNE 2014
COALspot.com: Port of Newcastle has shipped 11,744,396 tons of coal for the month ended 30 June 2014. According to Port’s monthly report, YTD ...
Friday, 11 July 14
UNITED STATE'S MONTHLY COAL OUTPUT FALLS 5.53% IN JUNE
COALspot.com – United States the world's second largest coal producer, produced approximately 18.1 million short tons (mmst) of coal in a ...
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Showing 3606 to 3610 news of total 6871 |
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- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- GMR Energy Limited - India
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