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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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Wednesday, 20 November 13
PANAMAX MARKET RESUMED ITS NEGATIVE MOVEMENT FOR A SECOND WEEK IN A ROW - INTERMODAL
COALspot.com: The recovery noted the week prior in the dry Bulk market proved to be short-lived, as the BDI slipped back down to the low 1,500 point ...
Wednesday, 20 November 13
TAIPOWER TO IMPORT 0.825 MMT OF 5000 GAR COAL FOR Q2' 14
COALspot.com: Taiwan Power Company intends to procure 825,000 metric tons of general sub-bituminous coal with calorific value not lesser than 5,000 ...
Wednesday, 20 November 13
CAPES AND PANAMAXES SOFTENING; SMALLER SIZE SEGMENTS FIRMING FURTHER - INTERMODAL
Chartering (Wet: Firm+ / Dry: Stable- )
The BDI has closed off the week on the red, with rates for Capes and Panamaxes softening and those fo ...
Tuesday, 19 November 13
INDONESIAN GOVERNMENT'S DECLARED COAL PRICE REFERENCE UP 1.98% IN NOVEMBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has increased government declared coal bench mark price by US$ 1.52 / MT ...
Tuesday, 19 November 13
WEEKLY COAL EXPORTS FROM NEWCASTLE PORT INCREASED BY 20.59%
COALspot.com: In the week ended November 18, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totaled 2.92& ...
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Showing 4001 to 4005 news of total 6871 |
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- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Australian Coal Association
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
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