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Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
 The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry bulker shipbuilding. Adjusting for dwt, this would imply today $32m and $27.8m for 172kdwt and 150kdwt Capesize newbuilding, respectively. What a coincidence: in 1999 the 172kdwt Cape new buildings were placed for as low as $32m, while in 1986 the 150kdwt new buildings were placed for around $27m. All of the above are mentioned in nominal terms (not real dollars, ignoring inflation). It appears the $185/dwt is an intertemporal true (sub-)cost level for large dry bulkers.
The -once gigantic- dry bulk order book has been rapidly correcting itself. From its 2009 peak at 78% order book to fleet ratio, it is now constrained to 9% of the fleet, the lowest in 15 years. The dry bulk newbuilding slippage last year stood at 47%; in fact, the Kamsarmax newbuilding delivery rate was only 49%. While we currently face a strong wave of newbuilding deliveries (in January thus far we have 16 Capes, 26 Kamsarmaxes, 40 Ultras and 17 Handies delivered) due to the units queued/slipped from last year, we forecast that in 2017q2 the order book will stand at 6% of the fleet, which is the lowest on record.
In the meantime, at the other end of a vessel’s life, we witnessed about 8 Capesizes and 8 Panamaxes built after 2000 being scrapped during last year. The recent scrapping of a 2002 Panamax by China COSCO Shipping paves the way forward for additional 2000s tonnage to be demolished. The vast majority of these bulkers were scrapped from Chinese and Japanese Owners, a fact that we should praise (we also praise the relevant incentives for scrapping). The Sulphur cap together with the with IMO's recent ratification of Ballast Water Management convention will catalyze the accelerated scrapping over the next years. Thankfully, the overage (over 15-year-old) fleet is double the size of new buildings. The order book to vintage fleet ratio is especially attractive for Handy and Panamax newbuilding.
Order responsibly!
By Panos Tsilingiris
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
Friday, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
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- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Planning Commission, India
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
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