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