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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, 08 January 14
SHIPPING: THE ABSOLUTE BOTTOM OF THE CYCLE WAS REACHED AND PASSED - GEORGE LAZARIDIS
COALspot.com: To many in the industry 2013 has been the turning point in the market where the absolute bottom of the cycle was reached and passed.
...
Tuesday, 07 January 14
INDONESIA RAISES COAL PRICE THIS MONTH
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has increased government declared coal bench mark price by US$ 1.59 / MT ...
Tuesday, 07 January 14
NEWCASTLE COAL TERMINAL'S COAL EXPORTS SLIDE TO 3.54 MMT W/E 30 DECEMBER 13
COALspot.com: In the week ended December 30, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.54 ...
Tuesday, 07 January 14
US COAL OUTPUT SLIDES 9 PCT WEEK ON WEEK, EIA SAYS
COALspot.com – United States the world’s second largest coal producer, produced approximately 17.8 million short tons (mmst) of coal in ...
Monday, 06 January 14
ARGUS LAUNCHES SPOT CFR EAST COAST INDIA COAL ASSESSMENTS
COALspot.com: Global energy and commodity news and price reporting agency Argus has announced today that, the company has launched CFR coal assessme ...
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- London Commodity Brokers - England
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Australian Coal Association
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- The University of Queensland
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- MS Steel International - UAE
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
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