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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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Tuesday, 24 December 13
AUSTRALIAN NEWCASTLE PORT'S WEEKLY COAL EXPORTS UP 11.46% W-W
COALspot.com: In the week ended December 23, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.84 ...
Tuesday, 24 December 13
SGX HAS LAUNCHED FREIGHT FUTURES
COALspot.com: Singapore Exchange (SGX) has announced the launch of freight future yesterday.
According to SGX’s press release, SGX has laun ...
Monday, 23 December 13
API 8 CFR SOUTH CHINA COAL SWAP FOR AVERAGE Q1' 14 CLOSED AT $ 82.80
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 2.97 percept month on month as on Friday 20 December 2013. ...
Sunday, 22 December 13
Q1' 14 DELIVERY COAL SWAPS CLOSING HIGH COMPARED TO Q4' 14 DELIVERY CLOSING
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery gained $ 1.31 pmt month on month on Friday 20 December 2013 ...
Sunday, 22 December 13
QUIET FREIGHT MARKET DUE TO LONG HOLIDAYS
COALspot.com: The market was soft this week with all indices down. However towards second half of the week the futures on segments was firming up.
...
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- London Commodity Brokers - England
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- The University of Queensland
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
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