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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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Friday, 07 December 12
A NEW PHASE FOR AUSTRALIAN RESOURCES - A FITCH STREET INTERVIEW
This week Matt Jamieson spoke with Andrew Colquhoun in Fitch's Asian sovereign rating team, and Vicky Melbourne, Fitch's commodity analyst based i ...
Friday, 07 December 12
SHIPPING INDUSTRY LOOKING ON YET ANOTHER TOUGH YEAR AS WE APPROACH 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With shipping finance "on the ropes" as traditional lenders appear to be cutting their losses and tonnage oversupply still the most import ...
Thursday, 06 December 12
PANAMAX : THE POSITIVE VIBES IN THE ATLANTIC REMAINS - FEARNLEYS AS
Handy
The Atlantic market is still depressed with dearth of cargoes and more ships. The trips from Continent to Feast fixed around USD 12k. Trips f ...
Thursday, 06 December 12
STRONG CHINESE DEMAND FOR DRY BULK COMMODITIES EXPECTED FOR 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A new analysis from BIMCO released yesterday suggests that 2013 is expected to be a stronger year in terms of China's "hunger" for commod ...
Tuesday, 04 December 12
JATENERGY SIGNS MOU FOR INDONESIAN COAL ASSET
COALspot.com - Jatenergy Limited has announced that its fully-owned Indonesian subsidiary, PT Barata Energy (BE), has signed an exclusive, non-bindi ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
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