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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, 04 April 13
HANDY:QUIET ; PANAMAX: SLOW START; CAPESIZE: LOW ACTIVITIES - FEARNRESEARCH
Handy
The Atlantic markets remain quiet as charterers and owners waiting to see how it moves. The USG-Feast was at USD 20k and Black Sea-Feast was ...
Wednesday, 03 April 13
HBA HAS LOST US$ 1.53 PER MT IN APRIL 2013
COALspot.com - The Indonesian government’s declared coal bench mark price has lost $1.53 / MT in April 2013.
The monthly coal referen ...
Tuesday, 02 April 13
AUSTRALIA'S NEWCASTLE PORT SHIPPED 633K MT MORE COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 3,029,482 tons of thermal and coking coal for week ended 0700 hours 1 April 2013, Newcas ...
Tuesday, 02 April 13
THE GOVERNORS TO TAKE OVER AUTHORITY OF MINING, FORESTRY AND PLANTATION CONCESSIONS
The Indonesian government is planning to transfer the authority of issuing mining, forestry and plantation concessions from municipalities and distr ...
Sunday, 31 March 13
COAL FREIGHTS ARE IN FLAT TO WEAK TREND - VISTAAR
COALspot.com - This freight market after several weeks of firming up seemed to lose steam and this week all the indices were down except for handy s ...
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- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- The University of Queensland
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Australian Coal Association
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
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