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