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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, 01 January 14
COAL & OIL TO SET UP ANOTHER 1,600 MW POWER PLANT IN INDIA - VENKATARAMANI
COALspot.com: Dubai-based Coal & Oil (C&O) Group is planning to make additional investment of around US$ 1.61 billion to set up 1,600 mega w ...
Wednesday, 01 January 14
DRY BULK CARRIER OWNERS ANTICIPATING AN EVEN STRONGER 2014 YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
To begin with, The Hellenic Shipping News Worldwide team would like to wish you all a Happy and Prosperous 2014! We begin the New Year with our firs ...
Tuesday, 31 December 13
INDONESIA'S COAL PRODUCTION COULD HIT 450 MMT IN 2014 - ICMA
COALspot.com: Indonesia, the fourth largest coal producer and largest coal exporter in the world, to increase coal output in year 2014 instead of th ...
Tuesday, 31 December 13
U.S. COAL PRODUCTION INCREASED WEEK ON WEEK, EIA SAYS
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.5 million short tons (mmst) of coal in ...
Tuesday, 31 December 13
MORE THAN $21 BILLION INVESTED IN SECOND HAND SHIP PURCHASES IN 2013
One thing that was apparent in the sale and purchasing markets during 2013 was the ship owners' larger appetite for vessel acquisitions, as most so ...
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- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- White Energy Company Limited
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- The University of Queensland
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
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