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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, 17 December 13
NEWCASTLE COAL EXPORTS UP 37.83% WEEK ON WEEK
COALspot.com: In the week ended December 16, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.45 ...
Monday, 16 December 13
SUB-BIT FOB INDONESIA COAL SWAP LOST $ 0.53 IN A WEEK
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery gained $ 0.91 pmt month on month on Friday 13 December 2013 ...
Monday, 16 December 13
API 8 CFR SOUTH CHINA COAL Q3' 14 DELIVERY PRICE CLOSED $1.63 LESSER THAN Q1' 14 PRICE
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 5.34 percept month on month as on Friday 13 December 2013. ...
Sunday, 15 December 13
SUPRAMAX'S FREIGHT RALLY COMES TO AN END THIS WEEK
COALspot.com: The BDI was up by 7 pct closing at 2,330 points week on week and the cape index was also up by 10.51 points and closed at 4,246 points ...
Friday, 13 December 13
HARD COAL : VOLUMES POSSIBLY AT RECORD-BREAKING HIGH; PRICES POSSIBLY AT A RECORD-BREAKING LOW - VDKI
Press Release : World Hard Coal Market 2013: volumes possibly at record-breaking high, prices possibly at a record-breaking low. German and UK impor ...
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- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
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