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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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Monday, 06 January 14
INDONESIAN COAL SWAPS SLIDE TO $ 61.25 FOR Q4' 14 DELIVERY
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery lost $ 0.32 pmt month on month on Friday 3 January 2014. Th ...
Sunday, 05 January 14
API 8 CFR SOUTH CHINA COAL SWAP FOR Q3 DELIVERY CLOSED $ 80.05, A $ 0.90 LOWER THAN Q1 PRICE
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery lost 1.40 percept day on day closed at US$ 80.95 per mt as o ...
Sunday, 05 January 14
CENTRAL BUREAU OF INVESTIGATION OF INDIA REGISTERS CASES IN CONNECTION WITH ALLEGED SUPPLY OF LOW QUALITY INDONESIAN COAL BY A PRIVATE COMPANY TO NTPC & NSPCL
COALspot.com: The Central Bureau of Investigation of India has registered two cases regarding alleged supply of low quality imported Indonesian coal ...
Saturday, 04 January 14
THE INDONESIAN GOVERNMENT TO DOWNSIZE ITS COAL PRODUCTION TARGET TO 400 MMT THIS YEAR
COALspot.com: Indonesia to downsize its coal production target to 400 million tons in 2014, lower than the production in 2013, which stood at 421 mi ...
Friday, 03 January 14
IN 2013 RBCT HAS, FOR THE FIRST TIME, EXPORTED MORE THAN 70 MILLION TONS OF COAL
COALspot.com: South Africa's Richards Bay coal terminal, the world’s largest single coal exporting terminal shipped 6.788 million tonnes of c ...
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- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Australian Coal Association
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
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