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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.
...
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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- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Australian Coal Association
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- ASAPP Information Group - India
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Minerals Council of Australia
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
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