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Monday, 09 September 13
REBOUND IN NEWBUILDING ORDERS HASN'T HURT DRY BULK MARKET PROSPECTS, BUT SHIP OWNERS SHOULD STILL BE CAUTIOUS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Since the start of 2013 and up until the end of August, one thing has really caught the headlines in the dry bulk market, except of course, the freight rate market. This has been the resurgence of newbuilding ordering activity as more and more ship owners sought after good deals to expand their fleets. It has been a direct reversal versus 2012 and comes as a result of owners taking advantage rock bottom prices and extras now been offered by shipyards. This development intitally freightened many market observers who were worried that this new surge of orders would once again "choke" the market and keep up the tonnage oversupply.
However, according to a recent report from shipbroker Intemodal, "taking a close look at the numbers, a slightly different picture starts to emerge. Despite the considerable number of new orders we are still finding ourselves with an ever dropping orderbook both in terms of number of vessels and as a percentage to the active fleet (with only exception being that of Supramaxes which saw a marginal rise in their orderbook during the first 8 months). At the same time and despite the overwhelming deliveries entering active service this year, the charter market has held up considerably well and with the summer lull now looking to be well behind us and a brighter autumn up ahead, it seems that many market players are breathing a sigh of relief that the worst is over and it’s all better days from here on out".
According to George Lazaridis, Research Analyst at Intermodal, "the reality is this optimism needs to be taken with a pinch of restraint. The orderbook may have diminished from its haydays of 2010 but the shipbuilding capacity is still there in its majority, meaning that collectively ship-owners could lead it back up to dangerous levels lured by false pretenses of extraordinarily high earnings.
Having given our word of caution it’s time to get to brass tacks. Are there real opportunities out there for newbuildings or have most of the recent orders been over speculative? The truth is that there are more than a few arguments for placing a newbuilding as things stand now. For one there is the classic argument of better perfor-mance from the new ship designs that are on offer. This is neither here nor there when it comes to arguing for placing a new order. A new order should focus more on covering future demand rather than better competing in an over supplied market", Lazaridis noted.
He added that "tn that respect is where we find our next argument and better placed in our opinion. Demand has been steadily growing over the past 5 years despite the turbulent conditions in the global economy. The developing world has been well primed for further economic growth and as such has not only increased the seaborne trade of dry bulk raw resources, but has also had a positive influence in intra-trade of finished goods between them. Though the latter has been less of a big drive for the market, the former has not only kept things going in the larger sizes but has also open many future possibilities for new size segments and that’s where the key lays in the opinion of many market players. The birth of interest for Kamsarmaxes, Ultramaxes and larger Handies has been mainly due to the fact that these designs have been shaped primarily to take advantage of the potential held by these high growth economies. It’s no surprise that the prime size segment in the dry bulk in terms of new orders this year has been for Ultramaxes, followed by Kamsarmaxes.
Finally, as always we find our old friend cost which has been the main driver for most who tend to see it as an opportunity for arbitrage between prices of today and prices in 24 months or so when the vessel will be ready for delivery. This may well hold but to what extent and is it going to be better than a secondhand vessel that may also have a small positive cash flow from trading to offer besides the positive gain from any increase in prices. Let’s not forget that prices are influenced by earnings though more in the case of the secondhand vessel, while we don’t expect any major trading boom to develop that could drive resale prices to the moon com-pared to a five year old vessel", Lazaridis noted.
Concluding his analysis he noted that "after that we seem to be back to our old friend “future demand” and by that respect there seem to be sufficient reason for the same level of new ordering to continue, no more, no less. So despite the recent hike that has been noted in newbuilding prices there is still more than sufficient sense in placing a new order today provided you have the finance and made due diligence with regards to the design and shipbuilder, cause at the end of the day it doesn’t matter when you place your order, a badly built ship will always be a badly built ship".
Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide
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Tuesday, 15 October 13
CHINA COAL IMPORTS TO KEEP GROWING IN THE YEARS TO COME, ALBEIT AT A SLOWER RATE - EVA TZIMA / NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest monthly report, shipbroker Intermodal highlighted the growing role of coal in the energy mix. According to Intermodal's research anal ...
Tuesday, 15 October 13
NEWCASTLE PORT SHIPPED 6.50% MORE COAL W-O-W
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 6.50 per cent week on week to 3.19 million mt for ...
Monday, 14 October 13
MEMR OF INDONESIA SETS THE COAL'S SPOT PRICE AT US$ 76.61 FOR OCT'13 DELIVERY
COALspot. com - The Indonesian government has revised down government declared coal bench mark price by US$ 0.28/ MT to US$ 76.61 for October 2013 d ...
Monday, 14 October 13
CARBON POLICIES UNLIKELY TO PREVENT A COAL-FUELLED WORLD - WOOD MACKENZIE
China will propel coal growth but US, Europe and Asia will sustain global demand.
At the World Energy Congress (WEC) today Wood Mackenzie's Pres ...
Sunday, 13 October 13
Q4'13 DELIVERY SUB-BIT INDO COAL SWAP FALLS SEVEN STRAIGHT WEEK
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery fell 1.72 percept month on month on Friday 11 October 201 ...
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Showing 4066 to 4070 news of total 6871 |
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- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
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