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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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Monday, 13 January 14
INDONESIAN ORE BAN TO HAVE LIMITED IMPACT ON CHINESE ALUMINIUM PRODUCERS, FITCH RATINGS SAYS
COALspot.com: Fitch Ratings says today that Indonesia's ban on exports of unprocessed mineral ore will have limited impact on Chinese aluminium pro ...
Sunday, 12 January 14
THE FREIGHT MARKET CONTINUE TO REMAIN WEAK NEXT WEEK - SOLYM CARRIERS
Wish You A very Happy New Year
COALspot.com: The market has dropped quite a lot as expected due to holidays and probably also the effect of ban o ...
Friday, 10 January 14
DECISION ON ORE EXPORT BAN WILL BE MADE TOMORROW: INDUSTRY MINISTER, JG SAYS
Industry Minister M.S. Hidayat dismissed reports on Thursday that the government had made a decision on the matter. “We will only make a decis ...
Friday, 10 January 14
US COAL PRODUCTION UP 5.8% ON WEEK IN WEEK ENDED SATURDAY 4 JANUARY
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.8 million short tons (mmst) of coal in ...
Thursday, 09 January 14
THE INDONESIAN GOVERNMENT EASES ORE EXPORT BAN
COALspot.com: The Indonesian government has finally agreed to ease the ore-export ban just a few days before the Sunday deadline amid protests from ...
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- PTC India Limited - India
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Australian Coal Association
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- The University of Queensland
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
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