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