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