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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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Thursday, 07 November 13
THE ENERGY INDUSTRY'S RISING WATER CHALLENGE - WOOD MACKENZIE
Water poses a variety of business risks for the energy industry, and could play an influential role in shaping the future energy supply mix, accordi ...
Thursday, 07 November 13
HANDY : INDO/CHINA ROUNDS ARE SEEING BIDS AT AROUND $16K
Handy
In the Atlantic we have seen more activity this week with several fixtures being concluded at firm rates. USG/Feast been reported at 30k and ...
Wednesday, 06 November 13
THE BIGGER SIZE SEGMENTS LOST GROUND WHILE SUPRAS AND HANDIES HELD ON TO THEIR GAINS - INTERMODAL
Chartering (Wet: Stable+ / Dry: Stable- )
A mirror image of the week prior for the Dry Bulk market, as once more the bigger size segments los ...
Tuesday, 05 November 13
AUSTRALIA'S NEWCASTLE PORT SEES DROP IN COAL EXPORTS W-W
COALspot.com: In the week ended November 4, Power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totaled 2.77 m ...
Monday, 04 November 13
API 8 CFR S.CHINA COAL SWAP FOR Q3' 2014 DELIVERY CLOSED 3.65% HIGHER COMPARED TO Q1' 2014 PRICE
COALspot.com : API 8 CFR South China Coal swaps for average Q4 2013 delivery fell 0.24 percept W-W on Friday 1 November 2013. The CFR South China Co ...
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Showing 4026 to 4030 news of total 6871 |
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- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Planning Commission, India
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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