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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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Monday, 15 July 13
INDO COAL SWAPS ARE STRUGGLING FOR RIGHT DIRECTION
COALspot.com – Indo coal swaps are struggling to find the right direction. Sub-Bit Indonesia coal swaps (FOB ) for average August 2013 d ...
Friday, 12 July 13
U.S. PRODUCED 18.40 MMST COAL WEEK ENDED 6 JULY 2013
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 18.40 million short tons (mmst) of ...
Thursday, 11 July 13
PANAMAX: PACIFIC ROUND PAY AROUND $6,500/D; ATLANTIC ROUND VOYAGE PAY AROUND US$ 10,000/D - FEARNLEYS AS
Handy
The Feast market is quiet, July date cargoes remain unfixed as there is a gap between what owners aiming and charterers willing to pay. There ...
Wednesday, 10 July 13
DRY BULK MARKET IS STILL STRUGGLING TO SURVIVE - INTERMODAL
COALspot.com : With the first half of the year now behind us and, as expected, most shipping segments in the dry bulk market are struggling to survi ...
Tuesday, 09 July 13
COAL PRICE REMAINS SLUGGISH - TRIMEGAH
COALspot.com - Newcastle coal price has reached US$ 76.30/ton (-15.9% YTD), bringing YTD’13 average to stand at US$ 87.90/ton, 6.80% lower tha ...
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- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Australian Coal Association
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Planning Commission, India
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
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