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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, 10 July 14
SGX EXPANDS ACROSS THE BULKS WITH NEW COAL PRODUCTS
COALspot.com: Singapore Exchange (SGX) is expanding its bulk commodity derivatives offering by launching new coking and thermal coal products on 4 ...
Thursday, 10 July 14
HANDY: SMALL INCREASE; PANAMAX: POSITIVE TONE; CAPESIZE: PAPER VALUES REMAIN WEEK
Handy
It is a general increase in activity in both hemispheres whereas rates have just experienced a small increase. In the Feast we see stable a ...
Wednesday, 09 July 14
SHIP INVESTMENTS ARE TRENDING LOWER
Most ship owners are deeming current ship prices on the high side, refraining from making serious commitments in new acquisitions or newbuilding or ...
Wednesday, 09 July 14
INDIAN GOVERNMENT ADVISED POWER UTILITIES TO INCREASE COAL IMPORTS
COALspot.com: The government of India has advised power utilities to increase coal imports to meet fuel shortages and those that have fuel supply p ...
Wednesday, 09 July 14
PANAMAX MARKET FINALLY CORRECTING UPWARDS; AVERAGE TC MORE THAN DOUBLING WEEK ON WEEK - INTERMODAL
The Dry Bulk market has closed off on Friday on a more positive note, with most segments noting weekly gains and the Panamax market finally correct ...
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Showing 3611 to 3615 news of total 6871 |
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- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Independent Power Producers Association of India
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- PTC India Limited - India
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Australian Coal Association
- Eastern Energy - Thailand
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
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