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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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Saturday, 27 July 13
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES ARE EXPECTED TO REMAIN STEADY - CAPT.REDDY
COALspot.com : The freight market seemed to soften this week with BDI , Cape and Panamax indices dropped average 5 percent on week.
The BDI was d ...
Thursday, 25 July 13
CAPESIZE : PACIFIC AND ATLANTIC RATES ARE HOLDING STEADY - FEARNLEYS AS
Handy
The Far East market remains quiet even if some Indo coal trip orders were fed in the market at early this week. Prompt ships passing Singapor ...
Thursday, 25 July 13
SUMMER LULL CHIPPING AWAY RECENT GAINS IN DRY BULK FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In what seems to be establishing as a permanent trend, at least for the time being, the dry bulk market kept on retreating yesterday, even if this r ...
Tuesday, 23 July 13
NEWCASTLE'S COAL EXPORTS CLIMB 17.82% ON WEEK, PORT'S DATA SHOWS
COALspot.com: Newcastle port in Australia has loaded 3,369,865 tons of coal for the week ended 0700 hours 22 July 2013, Newcastle Port Corp. s ...
Monday, 22 July 13
DRY BULK MARKET DIFFICULT TO MAINTAIN POSITIVE DRIVE CLAIMS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has seen a significant recovery in recent weeks, leading most ship classes to earnings above their operating expenses, thus brin ...
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- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- The University of Queensland
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
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