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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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Wednesday, 01 May 13
NEWCASTLE PORT SHIPPED 23.14 PER CENT MORE COAL WEEK ON WEEK
COALspot.com - Newcastle port in Australia has loaded 2,997,729 tons of thermal and coking coal for week ended 0700 hours 29 April 2013, Newca ...
Tuesday, 30 April 13
KATINGAN RIA THERMAL COAL TO START PRODUCTION FROM EARLY 2014
COALspot.com - Realm Resources Ltd. (ASX: RRP) has announced the completion of the Feasibility Study for its 51% owned Katingan Ria thermal co ...
Monday, 29 April 13
FIRST TRADES OF SGX API 8 CFR SOUTH CHINA COAL SWAP
COALspot.com - The SGX API 8 CFR South China Coal Swap went live for clearing on SGX-DC today with a total volume of 25,000 metric tonnes (25 lots). ...
Sunday, 28 April 13
SUB BIT INDONESIA COAL & CFR SOUTH CHINA COAL SWAPS STAY POSITIVE
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average May 2013 delivery has gained 0.34 percent and CFR South China coal shipment gai ...
Sunday, 28 April 13
PANAMAX FREIGHT COULD BE SOFT NEXT WEEK - CAPT. REDDY
COALspot.com - This BDI closed slightly lower at 871 points (down by 1.91 pct) mainly due to drop in the Panamax index by almost 10 pct.
Th ...
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- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Indika Energy - Indonesia
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Australian Coal Association
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Bhatia International Limited - India
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Planning Commission, India
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
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