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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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Showing 31 to 35 news of total 6871 |
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- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
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