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Thursday, 28 February 13
SHIP OWNERS EXPECTED TO FACE A CHALLENGING YEAR, DESPITE THE FALL OF NEWBUILDING ORDERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 Tonnage oversupply and a lagging growth in world trade demand are expected to keep shipping in the "red", despite a series of measures adopted by most ship owners, in order to alleviate the current imbalance between supply and demand. According to the latest weekly report from shipbroker Intemodal, the overcapacity problem isn't a new one, as it was accurately predicted since the middle of 2008, when the world orderbook had already soared to unprecedented heights. As a result, these projections have turned into a stark reality nowadays, as the number of newbuilding deliveries continue to increase. The question is how much more of this increasing capacity can the industry sustain and at which point will be the tipping point at which we start to see modern well maintained vessel heading for lay-up or the beaches of the Indian Sub-Continent?
According to Intermodal's Panos Makrinos, "the main issue here is that shipbuilding capacity is still well beyond any reasonable expectation of what the industry could possible require in terms of replacement demand over the upcoming fears. The solution which has been proposed by many over the past years has been two fold. Firstly that shipbuilding capacity has to be reduced significantly through shipping of operations by some shipbuilders (i.e. a switch towards ship repairs) or even closing of inefficient shipyards and berths altogether. Secondly is that demolition activity will have to be sustained for a little while longer at its current levels in order to provide a chance for recovery in the freight market. Both of these steps were ignored by several owners during the 2009-2010 period, who instead of easing off their further new ordering, increased it, while at the same time keeping demolition volume to a minimal. The combination of the two and particularly the former has accounted for much of the dragging out of the current shipping crisis" he said.
Makrinos added that "all this changed in 2011 and 2012, as things started to get considerably worse in terms of freight earnings for most shipping sectors, pulling down the curtains on wrongfully placed optimism and bringing many of these owners back to their senses. Newbuilding activity dropped to a bare minimum for both the tanker and dry bulk sectors, helping the orderbook decrease considerably as the record number of vessels being delivered were not being replaced by further new orders. At the same time, we started to see cancelling of existing orders as well as rescheduling of delivery dates, helping further contain the rate of growth in the fleet" he noted.
Of course, demolition activity played a key role as well. Intermodal's analyst stated that "the fast paced increase in demand for cheaper sources of steel by India and China helped revitalize the market while keeping offered prices more buoyant than one would have expected to see during a downturn of the shipping cycle. These high prices for scrap steel coupled with the rapidly dropping values for further trading vessels helped make the choice “easy” for most owners of older tonnage. It's an industry first to be able to sell an overage unit for scrap and use the money generated as 30% equity on a modern 5 year old vessel. It is points like this which allowed for a strong increase in demo activity.
This is all well and good but is the market and better off than it was 12 months ago? Is there a turn to be seen in market conditions within 2013? Although both the newbuilding and demolition markets have started to play an active role in reversing the poor market conditions, they only affect one side of the supply-demand equation. The needed demand in global seaborne trade is still not there and what's worse is that we have a very modern fleet which makes for an inflexible market and could push things towards the “last resort” option of laying up vessels as was done back in the 80's. Let's just hope it doesn't come to that. All that can be said for now is that we expect 2013 to be equally if not more difficult than 2010 for shipowners. High demolition activity and limited new-building ordering are the best hope of seeing a light at the end of the tunnel" Makrinos concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Tuesday, 19 March 13
SHIP PRICES COULD BE CLOSING IN TO REACH THEIR BOTTOM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
One of the latest developments in shipping asset prices has been the reluctance from shipyards to further reduce their price expectations to higher ...
Sunday, 17 March 13
A WEAK WEEK FOR SUB-BIT INDONESIA COAL SWAPS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has lost 2.11 percent and CFR South China coal shipment ...
Sunday, 17 March 13
COAL FREIGHT RATES STEADY ON HIGHER DEMAND - CAPT. REDDY
COALspot.com - This freight market continued to remain firm in all segments.
The BDI was up by 5.81 pct closing at 892 points. Cape index was up ...
Friday, 15 March 13
CHEAP SHIP VALUATIONS DON'T NECESSARILY MEAN ATTRACTIVE SAYS VESSELS VALUE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
With ship prices plunging by double-digits in the past few years, many ship owners are pondering their next moves in a market often described as att ...
Thursday, 14 March 13
SUPRAMAX : INDO - INDIA TRIP RATE IS AROUND $10,000; SOUTH CHINA $9500 - FEARNRESEARCH
Handy
Indian market is still quiet in respect of export of iron ore. WC India market has improved with a few stems out of the MEG, WC India opening ...
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- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Australian Coal Association
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- MS Steel International - UAE
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