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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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Monday, 09 December 13
SUB-BIT INDONESIA COAL SWAP FOR Q3' 14 DELIVERY CLOSED $ 0.57 LESSER THAN Q1 CLOSING
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’ 14 delivery gained $ 1.49 pmt month on month on Friday 6 Decembe ...
Sunday, 08 December 13
SOUTH CHINA COAL SWAPS SHOW A DECLINE TREND IN Q2 & Q3' 14
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 6.76 percept month on month as on Friday 6 December 2013. T ...
Sunday, 08 December 13
RBCT SHIPPED 63.446 MMT OF COALS YTD
COALspot.com - Richards Bay Coal Terminal (RBCT), the world's single largest coal terminal has shipped 63,446,232 mt of coals YTD, according to por ...
Saturday, 07 December 13
SUPRAMAX SHIPS FOR EC INDIA TO CHINA ROUTE BEING FIXED AT AROUND US$ 13K - SOLYM
COALspot.com: The freight market continued to be firm due to high Iron ore demand. The cape index was up by almost 25 pct this week. The grain seaso ...
Saturday, 07 December 13
A RARE TIME IN RECENT SHIPPING MARKET HISTORY: BOTH DRY BULK AND VLCC TANKER EARNINGS ARE ON THE RISE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Around this time of year, back in 2008, i.e. five years ago, the shipping markets were plagued with the aftermath of the global financial crisis tha ...
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- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Romanian Commodities Exchange
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- The University of Queensland
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
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