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