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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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Wednesday, 11 December 13
BDI REACHED A PEAK OF YEAR RECORD OF 2,237 POINTS WHICH IS A SIGNIFICANT CHANGE IN MARKET CONDITIONS
Getting closer to the end of 2013, it is important that we have a review of the course the market has taken these past 12 months by looking at the B ...
Tuesday, 10 December 13
HNL, AN INDIAN STATE-OWNED NEWSPRINT PAPER MAKER SEEKS 50K TONS OF INDONESIAN 5600 COAL
COALspot.com: Hindustan Newsprint limited (HNL), an Indian state owned news print paper producer invited bids to supply 50,000MT of min 5,200kcal/kg ...
Tuesday, 10 December 13
COLOMBIAN THERMAL COAL EXPORTS SLIPPED 25.54% M-M IN OCTOBER'13
COALspot.com: Colombia's Thermal coal exports in October dropped 25.54% month on month to 5,990,815.13 million mt, according to data from mining de ...
Tuesday, 10 December 13
NEWCASTLE COAL EXPORTS PLUNGE W-O-W
COALspot.com: In the week ended December 9, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 2.50 ...
Monday, 09 December 13
SOUTH AFRICA'S RICHARDS BAY COAL EXPORTS IN NOVEMBER DECLINED 14.43% M-M
COALspot.com: South Africa's Richards Bay coal terminal exported 6.224 million tonnes of coal in November, declining by 1.05 million tons from the ...
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- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Vedanta Resources Plc - India
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