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