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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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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 ...
Monday, 16 September 13
WHAT RECOVERY MEANS FOR THE CAPESIZE MARKET - COMMODORE RESEARCH
COALspot.com: The simple fact that capesize rates have been able to increase above the $9,000/mark and become much more responsive to changes in car ...
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- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Vedanta Resources Plc - India
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Planning Commission, India
- The University of Queensland
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
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