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