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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, 13 December 13
DRY BULK SHIPPING TO WITNESS HEALTHY DEMAND MOVING FORWARD - ICS
The Institute of Chartered Shipbrokers Greek Branch organised its 9th Annual Forum at Eugenides Foundation, on Wednesday, 11th of December, with a r ...
Friday, 13 December 13
US PRODUCED APPROXIMATELY 18.4 MILLION SHORT TONS OF COAL W/E 7 DECEMBER 2013
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.4 million short tons (mmst) of coal in ...
Thursday, 12 December 13
GREAT EXPECTATIONS SANCTIONED - EVA TZIMA
News that sanctions on Iranian oil exports could be lifted sometime in the following months have shaken the markets recently. One of the world&rsquo ...
Thursday, 12 December 13
DRY BULK MARKET RATES FOR CAPESIZES TO REMAIN VOLATILE SAYS BIMCO
The dry bulk market has reached multi year highs this week, as the BDI is standing at the 2,300-point mark. In its analysis of the market, BIMCO pre ...
Wednesday, 11 December 13
THE INDONESIAN GOVERNMENT IS CONSIDERING SETTING A REGULATION ON THE MINIMUM PURITY TO REGULATE UNPROCESSED ORE BAN
COALspot.com: Energy and Mineral Resources Minister Jero Wacik recently proposed to house those mining (mineral) companies that had shown a commitme ...
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- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- The University of Queensland
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
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