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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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Friday, 06 December 13
INDONESIAN PARLIAMENT REJECTED A GOVERNMENT PROPOSAL TO EASE THE BAN ON EXPORTING UNPROCESSED ORE
COALspot.com: Indonesian House of Representatives rejected a proposal from Energy and Mineral Resources Minister Jero Wacik on to ease the ban on ex ...
Friday, 06 December 13
THE MINISTRY OF ENERGY & MINERAL RESOURCES OF INDONESIA FIXED DEC'13 HBA AT US$ 80.31
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has increased government declared coal bench mark price by US$ 2.18 / MT ...
Friday, 06 December 13
US PRODUCED APPROXIMATELY 82.8 MILLION SHORT TONS OF COAL IN NOVEMBER 2013
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.00 million short tons (mmst) of coal in ...
Friday, 06 December 13
PANAMAXES HAVE BEEN THE ' WEAPON OF CHOICE' BY MOST DRY BULK SHIP OWNERS DURING 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Low ship prices, the direct consequence of subdued freight rates for the larger part of 2013 have been the main driving force behind this year's ag ...
Thursday, 05 December 13
PANAMAX : THE FIRM TENDENCY CONTINUES - FEARNRESEARCH
Handy
It has been an active week for the Supramax and Handysize segment. USG is almost boiling and charterers looking to cover their December stems ...
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- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- PTC India Limited - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
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