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