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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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Wednesday, 18 September 13
DRY BULK MARKET CONTINUED TO ADVANCE - INTERMODAL
Chartering (Wet: Stable- / Dry: Firm+ )
The Dry Bulk market continued to advance at a very fast pace, with the BDI closing off the week north ...
Tuesday, 17 September 13
BUMA PRODUCED 3.57 PERCENT MORE COAL IN AUGUST
COALspot.com: BUMA has removed totaled 25.20 million bcm of overburden to produce 2.90 million tons coal in August 2013. BUMI produced 3.07 percent ...
Tuesday, 17 September 13
NEWCASTLE PORT SHIPPED ABOUT 27 PERCENT MORE COAL WEEK ON WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 27.26 per cent week on week to 3.01 million mt for ...
Tuesday, 17 September 13
TAIPOWER INVITES BIDS FOR SUPPLY OF SUB-BITUMINOUS COAL
COALspot.com - Taiwan Power Company intends to procure 1.050 million tons of sub-bituminous coal for Taipower thermal power plant through open tende ...
Tuesday, 17 September 13
ORPHEUS SECURES SIGNIFICANT INFRASTRUCTURE DEAL THROUGH ACQUISITION OF SOUTH KALIMANTAN PORT CAPACITY
COALspot.com : Orpheus Energy Limited (ASX: OEG) of Australia has today announced that, it has executed a binding agreement with the proprietor of S ...
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Showing 4116 to 4120 news of total 6871 |
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- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- White Energy Company Limited
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- The University of Queensland
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
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