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