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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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Thursday, 18 April 13
HANDY: STABLE ; PANAMAX: BUSY WEEK - FEARNRESEARCH
Handy
The Atlantic markets remain stable in this week. The USG-Feast was at USD 19k and Black Sea-Feast was at USD 12k. The Pacific market is bit f ...
Thursday, 18 April 13
FEATURE: PREDICTING THE FUTURE - AND THE PAST - BIMCO
It’s not predicting the future that is problematical, it’s the realisation that you have to relive the past again and again when you fai ...
Wednesday, 17 April 13
INDONESIA SHIPPED 80 MILLION TONS OF COAL IN FIRST QUARTER - COAL DIRECTOR
COALspot.com - Indonesia has exported around 80 million tons of coal including power plant coal in first three months of this year.
Speaking on t ...
Tuesday, 16 April 13
AUSTRALIAN NEWCASTLE PORT'S COAL EXPORTS JUMPED 20.87 PER CENT ON WEEK TO 3.07 MMT
COALspot.com - Newcastle port in Australia has loaded 3,077,431 tons of thermal and coking coal for week ended 0700 hours 15 April 2013, Newca ...
Monday, 15 April 13
SUB - BIT INDONESIA COAL SWAP SHOWS POSITIVE TREND
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has gained 2.70 percent and CFR South China coal shipment&nbs ...
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- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- White Energy Company Limited
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Planning Commission, India
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- The University of Queensland
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
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