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Friday, 03 May 13
SHIP OWNERS ARE INVESTING HEAVILY IN DRY BULK CARRIER NEWBUILDINGS ONCE MORE: IS THERE ANY RATIONALE? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 Despite the fact that the dry bulk market remains heavily oversupplied and just as the orderbook of newbuildings had began to shrink, it seems that ship owners have made a significant come back to shipyards, investing once more in new orders. This has been the case so far in 2013 and one could become perplexed as to why owerns are choosing this path, instead of doiong everything in their power to alleviate the tonnage supply pressures currently underway in the freight rate market?
Earlier in the year, shipbroker Intermodal had expressed the view that 2013 would be yet another challenging year, but it would also pose a good opportunity to make investments in shipping, as prices have become quite attractive. "Shortly thereafter, notwithstanding the depressed freight market, the swollen fleet, the remaining orderbook and most importantly the lack of finance, we have witnessed a rather remarkable mini-spree of new orders for dry bulk carriers", Intermodal said in its latest weekly report.
The shipbroker's newbuilding broker, Mr. Theodore Ntalakos wonders whether this new ordering is substantiated or reasonable? He answered by stating that "opponents of new ordering say that the market cannot support further new buildings and those shipowners are shooting themselves in the legs again. However, any rational individual would prefer to buy a new asset at the bottom of its market price. We always advocated that shipping is a non-cooperative game and each rational shipowner would be looking to maximize his pay-offs no matter what the others decide to do. It seems that those who have access to finance are now convinced that prices cannot and most importantly will not go further south; so they place themselves with new orders and purchases. The new ECO designs combined with the lack of modern tonnage from the second hand market are driving buyers to the shipbuilders' meeting rooms", Ntalakos said.
He added that "there were quite a few shipyards that were willing to take orders almost at cost just to safeguard the viability of their production for the next couple of years. In Japan they are also favored by the “Abenomics”, the economic policies advocated by the current Prime Minister Shinzo Abe that allows the Japanese shipbuilders to offer competitive prices and claim their market share from these new orders. All shipyards have seen the number of visitors and inquiries increasing daily, almost reminding them of the good old days. Still, there isn’t strong enough demand to push prices higher but we have noticed that shipbuilders are now bargaining harder than what they did six months or even a year ago".
According to Mr. Ntalakos, "coming back to the statistics, back in February, the Orderbook/Fleet ratio looked more favorable in the capes and Supramax sizes and this is where we have seen the majority of new orders placed. The Handies followed and then came the Panamax bulk carriers, which looked the least attractive and got the fewer orders. For the first four months of 2013 the fleet has grown, as expected, due to the vast orderbook from previous years at around 2.5% and despite the new contracts the orderbook has contracted by around 13.5%".
Intermodal's analyst finally noted that "the latest orders happened to sync with a small rally in the freight market which had almost pushed rates into profitable territories. Whether these orders were placed at the turn of the market or not only time will show but as all markets, shipping as well is strongly correlated with expectations. Things are not clear and there still is risk involved; however, to quote the American author John Shedd “a ship in harbor is safe, but that is not what ships are built for”, the newbuilding broker concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
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