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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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Sunday, 09 June 13
IRON ORE DEMAND: WEAK; COAL MOVEMENT: STEADY TO INDIA AND CHINA - CAPT. REDDY
COALspot.com - The freight market was fairly steady with BDI up by 0.37 per cent closed at 812 points this week.
The Cape index was also ended in ...
Friday, 07 June 13
MEDITERRANEAN COAL MARKETS
Press Release: 3rd International Conference Mediterranean Coal Markets will be held on 16-17th of September 2013, Istanbul, Turkey, Ceylan Intercont ...
Friday, 07 June 13
US'S COAL PRODUCTION INCREASED BY 0.54 PER CENT THE WEEK ENDED JUNE 1
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 18.60 million short tons (mmst) of ...
Thursday, 06 June 13
WE ARE SEEING SOME FRESH INDO COAL TO CHINA AND INDIA - FEARNRESEARCH
Handy
In the Atlantic, the Gulf remains firm for the next week with a few orders in the market. The Supramaxes are seeing around low 20k for fronth ...
Wednesday, 05 June 13
DON'T AVOID PAYING COAL ROYALTY TO THE GOVERNMENT - INDONESIAN ENERGY MINISTER
COALspot.com – “Every country has the right to make policies to protect their national interests”, Energy and Mineral Resources Mi ...
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- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- ICICI Bank Limited - India
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