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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.
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Sunday, 01 December 13
PANAMAX RATES HAVE REBOUNDED - CAPT. REDDY
COALspot.com: The freight market was quite firm last week with all the indices increased. Cape Index was gained highest this week which supports inc ...
Saturday, 30 November 13
NTPC STARTED IMPORTING COAL THROUGH NW1 FOR ITS FARAKKA POWER PLANT
COALspot.com: In a pioneering and path breaking operation, the very first consignment of about 69,060 metric tons of imported coal bought by MV HUAY ...
Friday, 29 November 13
DRY BULK MARKET BACK ON HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market is strengthening as a result of higher demand for Capesize vessels. The BDI (Baltic Dry Index) was up by 146 points yesterday, e ...
Wednesday, 27 November 13
DRY SEGMENTS EXCEPTION OF PANAMAXES, REMAINED OVERALL STABLE - INTERMODAL
COALspot.com : The Dry Bulk market closed off the week in the red, albeit the decrease noted was of short scale. With the exception of Panamaxes, th ...
Wednesday, 27 November 13
US WHEAT IMPORTS TO BRAZIL, REACHED A 35 - YEAR HIGH - EVA TZIMA
COALspot.com: As I am going through a number of dry market fixtures reported since the beginning of October, my eyes instinctively stop where they d ...
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- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- The University of Queensland
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
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