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