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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, 30 December 13
INDONESIAN COAL TO BE PART OF INDEX DETERMINING POWER TARIFFS - BUSINESS STANDARD
In a significant move, power sector regulator CERC has decided to provide 50 per cent weightage for Indonesian coal in the benchmark index that is u ...
Friday, 27 December 13
THE EXPORT OF UNPROCESSED MINERALS WOULD NOT BE ALLOWED AFTER 12 JAN 2014 - INDONESIAN ENERGY MINISTER
COALspot.com: The government of Indonesia will implement Law No. 4 of 2009 on Mineral and Coal in full and consistently by January 12, 2014, said, m ...
Friday, 27 December 13
INDONESIA SHIPPED 15.75 PERCENT MORE COAL IN NOVEMBER
COALspot.com: Indonesia, the world's 4th largest coal producer and the largest multi grade coal exporter shipped over $2* billion worth of co ...
Thursday, 26 December 13
COAL & OIL GROUP SECURES US$ 250 MILLION FUNDING FOR ITS 1200MW THERMAL POWER PLANT IN INDIA
COALspot.com: Dubai-based Coal & Oil (C&O) Group has announced that it has secured additional funding of approximately Dhs. 1 billion (appro ...
Wednesday, 25 December 13
DRY BULK INDEX LOST SOME GROUND THIS PAST WEEK - INTERMODAL
Chartering (Wet: Firm+ / Dry: Softer - )
The Dry Bulk Index lost some ground this past week, on the back of activity slowing down befor ...
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- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Australian Coal Association
- Bhoruka Overseas - Indonesia
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