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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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Wednesday, 15 January 14
CFR SOUTH CHINA COAL SWAPS FALL BY 6.57% MONTH ON MONTH
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery lost 6.57 percept month on month and closed at US$ 78.90 per mt as ...
Wednesday, 15 January 14
INDONESIAN MINING LAW AVERTS BOP PRESSURE, RISKS REMAIN, FITCH SAYS
The last-minute intervention at the weekend by Indonesia's politicians to avert a significant disruption of mining activity and exports, should lim ...
Wednesday, 15 January 14
Q3 AND Q4 INDONESIAN COAL SWAPS DECLINE MONTH ON MONTH
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery lost $ 1.23 pmt month on month on Friday 10 January 2014. T ...
Wednesday, 15 January 14
PANAMAX: PACIFIC - REMAINED QUIET; ATLANTIC - CONTINUED THEIR RETREAT
COALspot.com: The holiday hangover seems well underway for the Dry Bulk market that saw more ground being lost this past week. The BDI has closed of ...
Tuesday, 14 January 14
AUSTRALIAN NEWCASTLE PORT'S WEEKLY COAL EXPORTS FALL 18.28 %
COALspot.com: In the week ended January 13, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 2.67 ...
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- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Bhatia International Limited - India
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- White Energy Company Limited
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