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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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Thursday, 09 January 14
CAPESIZE: WEST AUSTRALIA FREIGHT IS NOW DOWN IN THE $8S AND STILL DROPPING - FEARNLEYS
Handy
In the Atlantic we see rates sliding slowly for the start of 2014. Several players cvrd over the holidays and the rate decline was som ...
Thursday, 09 January 14
THE SHIPPING MARKET IN 2013 AND LOOKING FORWARD GLOBAL ECONOMY: STEADY AS SHE GOES UPWARDS - BIMCO
Over the past year, developed economies have gained traction while developing and emerging economies have suffered from slower growth. Despite key e ...
Wednesday, 08 January 14
DRY BULK MARKET PROSPECTS LOOKING BRIGHTER DESPITE SLOW START TO THE NEW YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the fact that the dry bulk market's benchmark, the BDI has been on a fall since the start of 2014, ending yesterday's session down to 1,87 ...
Wednesday, 08 January 14
AUSTRALIAN NEWCASTLE PORT'S WEEKLY COAL EXPORTS FALL
COALspot.com: In the week ended January 6, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.27 m ...
Wednesday, 08 January 14
THE DRY BULK MARKET HAS LOST SOME OF ITS STEAM THESE PAST COUPLE OF DAYS: INTERMODAL
Chartering (Wet: Softer- / Dry: Softer- )
The Dry Bulk market has lost some of its steam these past couple of days although hires, espe ...
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- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
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