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