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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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Monday, 26 August 13
CARRIAGE OF COAL CARGOES FROM KALIMANTAN, INDONESIA - WEST OF ENGLAND P&I CLUB
The Club has recently been advised by consulting scientists and engineers Dr J H Burgoyne and Partners (International) Limited that the number of in ...
Sunday, 25 August 13
API 8 CFR SOUTH CHINA COAL: HEADING TO NORTH
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average Q4 2013 delivery US$ 2.39 up month on month. The swap was moved positive ...
Sunday, 25 August 13
THE FREIGHT MARKET S7 & S8 SECTOR IS EXPECTED TO BE STEADY/FIRM NEXT WEEK - VISTAAR
COALspot.com - The freight market continued to be firm with all indices moved positive except for Panamax which was slightly down (2 pct down).
T ...
Friday, 23 August 13
US PRODUCED MORE COAL WEEK ON WEEK - EIA
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.80 million short tons (mmst) of ...
Thursday, 22 August 13
PANAMAX : PERIOD MARKET IS STILL BEING LED BY STRONGER SENTIMENT IN THE FFA'S - FEARNRESEARCH
Handy
This week started slowly as expected. Indo biz now rate APS around 7k +60k to china and around 8k+80k to India. However, there are some ships ...
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Showing 4151 to 4155 news of total 6871 |
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- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Xindia Steels Limited - India
- VISA Power Limited - India
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
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