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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Australian Coal Association
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- White Energy Company Limited
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Minerals Council of Australia
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