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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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Friday, 04 July 14
PARAM MITRA COAL RESOURCES SECURES US$ 7.5M INVESTMENT FROM TEMBUSU PARTNERS
Param Mitra Coal Resources Pte Ltd (“PMCR”), which owns two operating coal mines in Indonesia, has secured from Singapore private equit ...
Thursday, 03 July 14
BUMI TRANSFERS 19% OF KPC STAKE VALUED AT US$ 950 MILLION TO CIC
COALspot.com: PT. Bumi Resources announces that 19% of its holdings in Kaltim Prima Coal (KPC), valued at US$ 950 million, has been transferred to ...
Thursday, 03 July 14
PANAMAX : IN THE ATLANTIC, OWNERS ARE WILLING TO FIX AT ABOUT $2.5K PER DAY - FEARNEYS
Handy
In its latest weekly report, shipbroker Fearneys noted that, this week seems to have been more of a wait and see game between owners and ch ...
Wednesday, 02 July 14
NEWMONT FILES FOR INTERNATIONAL ARBITRATION ON ORE EXPORT BAN - THE JAKARTA POST
PT Newmont Nusa Tenggara (NNT), a subsidiary of United States-based Newmont Corporation, has filed for international arbitration against the govern ...
Wednesday, 02 July 14
THE PANAMAX MARKET CONTINUED TO BLEED FOR ANOTHER WEEK - INTERMODAL
COALspot.com: The Dry Bulk market succumbed to mounting pressure this past week, while the Capesize market proved unable to “save the day&rdq ...
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- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
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