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