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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, 29 March 13
SUB-BIT INDONESIA COAL SWAPS: UP 0.55 % WOW; CFR SOUTH CHINA COAL CONTRACT: UP 0.23 % WOW
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has gained 0.55 percent and CFR South China coal shipment&nbs ...
Thursday, 28 March 13
SHIP OWNERS KEEN ON ACQUIRING SECOND HAND TONNAGE, AS WELL AS NEW BUILDINGS IN CONVENTIONAL SEGMENTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The recent rally of the Baltic Dry Index (BDI), coupled with renewed optimism, at least in some parts of the wet market, have prompted many ship own ...
Wednesday, 27 March 13
PTBA HAS CONCLUDED US$ 16.14 BILLION WORTH OF COAL SALES AND PURCHASE AGREEMENT WITH PLN
COALspot.com - PT. Bukit Asam, a 32 years old Indonesian state owned coal miner has signed a coal sales and purchase agreement with PT PLN, (a state ...
Wednesday, 27 March 13
SHIPPING CONFIDENCE REACHES HIGHEST LEVEL FOR TWO YEARS - MOORE STEPHENS
Overall confidence levels in the shipping industry recovered to their highest level for two years in the three months ended February 2013, according ...
Tuesday, 26 March 13
NEWCASTLE PORT SHIPPED 2.39 MMT OF COAL W/E 25 MARCH 2013
COALspot.com - Newcastle port in Australia has loaded 2.396 million tons of thermal and coking coal for week ended 0700 hours 25 March 2013, N ...
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- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- GMR Energy Limited - India
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- The University of Queensland
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
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