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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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Friday, 14 June 13
U.S. COAL PRODUCTION TOTALED APPROXIMATELY 18.20 MILLION SHORT TONS W/E 8 JUNE 2013
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 18.20 million short tons (mmst) of ...
Thursday, 13 June 13
HANDY: SHORT PERIOD WERE FIXED AT AROUND USD 9000 LEVEL
Handy
Despite falling rates for bigger sizes, the Supras in Atlantic are seeing some improvements with fresh biz. US Gulf positions fetching tick a ...
Thursday, 13 June 13
BIMCO EXPECTS SUBDUED CAPESIZE EARNINGS FOR THE COMING WEEKS - HELLENIC SHIPPING NEWS
Bulk is not only about China even though it is a key driver. In this section, we have taken a closer look at the European seaborne coal markets, whi ...
Thursday, 13 June 13
RIO TINTO AGREES SALE OF EAGLE PROJECT FOR AN ESTIMATED US$325 MILLION IN CASH
COALspot.com - Rio Tinto has reached a binding agreement to sell its Eagle project to Lundin Mining Corporation for an estimated US$325 million in c ...
Thursday, 13 June 13
HARD COAL IMPORTS RISE SHARPLY IN GERMANY IN Q1 2013 - COAL IMPORTERS ASSOCIATION
Coal-fired Power Plants in Germany: Pillars of the Grid and the Energy Turnaround; Hard Coal Consumption and Hard Coal Imports Rise Sharply in Germa ...
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- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Parliament of New Zealand
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
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