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