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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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Friday, 20 December 13
US PRODUCED 2.71% MORE COAL WEEK ON WEEK
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal in ...
Friday, 20 December 13
DRY BULK MARKET SLUMPS AHEAD OF HOLIDAY SEASON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As has been the case in recent years, the dry bulk market has been on a downward trend ahead of the Holiday Season for a large part of the world. Th ...
Thursday, 19 December 13
SHIPPING CONFIDENCE HITS THREE-YEAR HIGH - MOORE STEPHENS
Overall confidence levels in the shipping industry rose to their highest level for more than three years over the three-month period to November 201 ...
Wednesday, 18 December 13
SNP ACTIVITY IN CHINA SEEMS TO BE SLOWING DOWN - CHRISTOS TRAGEAS
Approaching the end of the year, SnP activity in China seems to be slowing down in comparison to the first half of this quarter, as most Chinese Shi ...
Wednesday, 18 December 13
DEMOLITION ACTIVITY SCALED BACK AS FREIGHT RATES RISE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's always been the case that each time we witness a spike in freight rates, demolition activity is decreasing, as owners are looking for more car ...
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- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Australian Coal Association
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
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