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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Posco Energy - South Korea
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Deloitte Consulting - India
- VISA Power Limited - India
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
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