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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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Friday, 24 May 13
OPG POWER VENTURES OF INDIA LOOKING FOR 210,000 MT OF 4,200 GAR INDONESIAN THERMAL COAL
COALspot.com - OPG Power Ventures Plc (OPG) is an AIM listed (London Stock Exchange) and fast growing developer and operator of power plants in Indi ...
Thursday, 23 May 13
HANDY : THE ATLANTIC MARKET REMAINS UNCHANGED - FEARNRESEARCH
Handy
The Atlantic market remains unchanged. USG-Feast rates were around USD 19k. Little change from last week in the Pacific, fewer stems and tonn ...
Thursday, 23 May 13
COLOMBIA SHIPPED 11.74 MILLION TONS OF THERMAL COAL IN Q1
COALspot.om - Colombia produced about 18,388,972.94 mt of coal for the first quarter of 2013.
Q1' 2013 coal production was around 21.42 p ...
Wednesday, 22 May 13
COKAL SIGNS JV WITH MDM, FOR BARITO RIVER BARGING
COALspot.com - Cokal Limited (ASX: CKA) has announced that it has entered into a 50:50 Joint Venture (JV) with Meratus Advance Maritime (MDM) one of ...
Tuesday, 21 May 13
NEWCASTLE PORT COAL SHIPMENTS SEEN FALLING WEEK ON WEEK
COALspot.com - Newcastle port in Australia has loaded 2,205,024 tons of thermal and coking coal for week ended 0700 hours 20 May 2013, Newcast ...
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- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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