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