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