We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Thursday, 10 October 13
SEVERAL PANAMAX FIXTURES FOR 1 YEAR TC HAVE BEEN REPORTED AROUND $13.5K/DAY - FEARNRESEARCH
Handy
The market is not much fancy as several holidays in the Far East last week. Tonnage side seems tight in SE Asia but there are many of them in ...
Wednesday, 09 October 13
PANAMAX: FIRM ; FIXING ACTIVITY INCREASED IN BOTH BASINS - INTERMODAL
This was another week of gains for the Dry Bulk market, albeit very modest ones compared to the previous ones. Charterers and owners struggled for t ...
Tuesday, 08 October 13
CHINA: INTENSE COMPETITION AMONG DOMESTIC COAL MINERS AS 2013 IMPORT DEMAND REMAINS STRONG - WOOD MACKENZIE
Prices will not fall under RMB500/t or risk supply availability to the coastal market
Despite China's lower economic growth, Wood Mackenzie says ...
Monday, 07 October 13
RICHARD BAY COAL TERMINAL SHIPPED 49.94 MMT OF COAL YTD
COALspot.com - Richards Bay Coal Terminal (RBCT), the world's single largest coal terminal has shipped 49,946,509 mt of coals YTD, according to por ...
Monday, 07 October 13
SOUTH AFRICA'S RBCT SHIPPED 7.94% MORE COAL IN SEPT' 13
COALspot.com - Richards Bay Coal Terminal (RBCT), the single largest coal export terminal in South Africa as well as in the world has shipped 7.94 p ...
|
|
|
Showing 4076 to 4080 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- PTC India Limited - India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Parliament of New Zealand
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Planning Commission, India
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
|
| |
| |
|
