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Wednesday, 06 November 13
WILL NEW ORDERS DRIVE THE MARKET DOWN AGAIN ONCE DELIVERIES COMMENCE
 "While there are many concerns on whether the new orders will drive the market down again once deliveries commence, the second half of 2013 has shown that if solid demand is there then shipping offers very good returns" - Theodore Ntalakos
Earlier in 2013 we were looking at the fleet and the order book profiles trying to find some signs that would imply whether we were closer to a recovery in order to substantiate further investing in shipping, Theodore Ntalakos, New building / SnP Broker in Intermodal says in his latest research report.
Looking back, we can see that, to-date, it was a good time to invest irrespectively of whether the recent surge was a result of the increased demand for seaborne trade or a change in sentiment that the worst is behind us, or a mixture of both, Theodore Ntalakos noted.
Intermodal's analyst added that, this time, looking at a snapshot of the fleet and order book profile in the beginning of 2013 and today, we can partly explain the recent surge in freight rates as in some segments the trade grew faster than the fleet. On the other hand, in a year of record low average freight rates and record deliveries, even a reduction of 7% in the order book means that more than half of the dry bulk carriers on order as of January 2013 were “re-ordered”. We count around 850 new orders to date.
He added that, the revived interest in new buildings came at the right time for many shipyards, which were urgently looking to fill their 2014 and 2015 slots. The demand has surpassed any expectation since many of the biggest shipbuilders have already sold most of their 2016 berths; not only that but they are now asking a premium for 2015 deliveries which will be squeezed into their production line. The increased demand obviously drove prices up. For many the extent of this price increase cannot be substantiated but it's only logical that many of the shipyards are trying to take advantage of the current market and make sure that the new orders will not make them suffer any losses. The actual number of vessels on order as well as the order book to in service fleet ratio have both receded in all sizes except the Handymax -Ultramax segment where we have seen an increase.
Comparing the dry bulk fleet in service between January 2013 and today we can calculate an increase of 6% in terms of deadweight (in 2012 the fleet grew by 10%). However, there are two more months left in 2013 and assuming there will be some slippage, the fleet will grow by about 8%. So far, with the exception of the fleet of Handies (20,000-40,000dwt) that did not grow at all (there was only a marginal increase of the total dwt and a reduction of the number of vessels), all other sizes grew between 5-7%. One interesting finding is that the Capesize fleet (the 180,000dwt class) has only grown by 3% so far in 2013, which partly explains why China's recent restocking has assisted the recent boom in freight rates.
Concluding his analysis, Theodore Ntalakos said that, while there are many concerns on whether the new orders will drive the market down again once deliveries commence, the second half of 2013 has shown that if solid demand is there then shipping offers very good returns. In our humble opinion, for the medium to long term, the demand for seaborne trade will be there and so will healthy market returns.
Compiled by:
Intermodal Research & Valuations | research@intermodal.gr
Analysts:
Mr. George Lazaridis | g.lazaridis@intermodal.gr
Ms. Eva Tzima | e.tzima@intermodal.gr
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 09 December 13
SOUTH AFRICA'S RICHARDS BAY COAL EXPORTS IN NOVEMBER DECLINED 14.43% M-M
COALspot.com: South Africa's Richards Bay coal terminal exported 6.224 million tonnes of coal in November, declining by 1.05 million tons from the ...
Monday, 09 December 13
SUB-BIT INDONESIA COAL SWAP FOR Q3' 14 DELIVERY CLOSED $ 0.57 LESSER THAN Q1 CLOSING
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’ 14 delivery gained $ 1.49 pmt month on month on Friday 6 Decembe ...
Sunday, 08 December 13
SOUTH CHINA COAL SWAPS SHOW A DECLINE TREND IN Q2 & Q3' 14
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 6.76 percept month on month as on Friday 6 December 2013. T ...
Sunday, 08 December 13
RBCT SHIPPED 63.446 MMT OF COALS YTD
COALspot.com - Richards Bay Coal Terminal (RBCT), the world's single largest coal terminal has shipped 63,446,232 mt of coals YTD, according to por ...
Saturday, 07 December 13
SUPRAMAX SHIPS FOR EC INDIA TO CHINA ROUTE BEING FIXED AT AROUND US$ 13K - SOLYM
COALspot.com: The freight market continued to be firm due to high Iron ore demand. The cape index was up by almost 25 pct this week. The grain seaso ...
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Showing 3966 to 3970 news of total 6871 |
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- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- White Energy Company Limited
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
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