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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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- McConnell Dowell - Australia
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Planning Commission, India
- Deloitte Consulting - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- The University of Queensland
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
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