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Wednesday, 25 December 13
SHIPPING : AS FAR AS THIS CYCLE IS CONCERNED, 'WE HAVE SEEN THE WORST....!' - JOHN N. COTZIAS
 In a week’s time the year comes to an end. Having been a speaker in two seminars over the past 5 days I was able to see the year ending trends and some very interesting points and findings that stood out which I would like to share with you. In the first half of 2013 the Dry Cargo freight markets, found Capes earning much less than all other dry bulk size segments. This was rectified after June and today the rates are currently more or less back in line with the respective carrying capacity and we hope that the momentum will feed through to 2014.
On the SnP front, activity was superb. We had more than 1,500 deals concluded so far in the year. The total USD outlay, from sales of which details are disclosed, is slightly more than $ 21bn. The respective figures for 2012 are 1,200 deals and $14bn outlay. Compared to 2012, S&P activity on average was up by 26-27% on just about every month. Dry Bulk vessels prices have increased significantly over the past 12 months. The most notable increase was noted in a 5 yr old Panamax that has shot up by more than 50%. Last year, you could buy a 5 yr old Panamax with $ 17-18m. Today with the same money you are just about purchasing a 10 yr old Panamax!!! Rising price didn’t deter investors from acquiring vessels. To the contrary we can say. The fact that conventional financing was practically scarce meant that a very important chunk of SnP deals was mostly financed by “own pockets” and/or alternative sources of finance.
Additionally, trust in the banking system was shaken this year. The fearful and sad scenario of thousands realizing that their bank deposits could suffer a tremendous haircut over-a-weekend, as it happened in Cyprus, made many shipowners and others turn into a what appeared as a much safer investment ; Shipping.
On the Newbuilding sector, we had many new orders, with more than 870 bulkers, 527 Tankers, 161 Gas Carriers and 243 Containers being contracted during this year so far. The majority of these contracts have gone to Chinese builders, whose share of orders this year amounts to more than Korea’s and Japan’s shares added up together. Non-availability of slots has taken off a lot of pressure from major shipbuilders to further reduce their prices and from a point onwards they actually started to charge a premium for earlier slots. However, if we still look back, current newbuilding prices are still on the low side.
Demolition stats show that more than 50m tons of DWT carrying capacity was taken from the world active fleet, compared to more than 60m tons in 2012. Nevertheless, last year was a record year and therefore difficult to match, therefore the fact that this year’s figure stands at these levels is still very significant. India appears to have been the leading demo country in both number of ships and dwt scrapped there, while China comes second in number of ships and 3rd in dwt. Demo prices hold firm, with the average since 2009 standing above $400 per ldt, always supported by the strong demand for steel. It goes without saying that the increased demolition activity we have seen over the past 4 years, tremendously helps alleviate the pressure of new tonnage entering the active fleet.
In general, we consider 2013 to be a year of momentum, with a lot of investment opportunities being “grabbed” by a number of players in the market. We are of the strong belief and share the opinion of many shipping professionals that, as far as this cycle is concerned, “we have seen the worst… !”
Happy New Year to All, full of health, joy, happiness and successful shipping deals!
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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Friday, 17 January 14
DRY BULK MARKET ENDS DECLINE, BOUNCES BACK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's been a rough start to the New Year for the dry bulk market, which was supposed to be on the verge of rallying to new heights this year, on the ...
Friday, 17 January 14
SPOT COAL PRICE TRENDS IN US VARY ACROSS KEY BASINS DURING 2013, SAYS EIA
COALspot.com: Spot steam coal price trends in US varied across key basins in 2013, a latest EIA report says. Compared with 2012, while total coal de ...
Thursday, 16 January 14
PANAMAX : THE GAP BETWEEN SPOT AND PERIOD HAS INCREASED IN BOTH HEMISPHERES - FEARNRESEARCH
Handy
In the Atlantic we have seen rates slowly sliding on lack of enough fresh business. USG/Continent still paying excess 28k and seems on an upw ...
Thursday, 16 January 14
SHIP OWNERS SCRAP 1,119 SHIPS DURING 2013 ON THE BACK OF OVERSUPPLY ISSUES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Scrapping of older vessels is still the best bet that ship owners can make, in order to improve their newer vessels' fortunes, amid an oversupply o ...
Wednesday, 15 January 14
KOREA MIDLAND POWER CO INVITES BIDS FOR 360K MT OF SUB-BITUMINOUS COAL FOR ITS BORYEONG PLANT
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 360,000 Metric Tons (MT) of sub-bituminous ...
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- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- PTC India Limited - India
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
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