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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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Tuesday, 03 December 13
PORT OF NEWCASTLE IN QUEENSLAND SHIPPED 1.22 MMT MORE COAL W-W
COALspot.com: In the week ended December 2, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.49 ...
Tuesday, 03 December 13
U.S PRODUCED 900.80 MMST YEAR-TO-DATE
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.7 million short tons (mmst) of coal in ...
Monday, 02 December 13
SUB-BIT INDONESIA COAL SWAP DIFFERENCE BETWEEN Q1 AND Q3 DELIVERIES ARE VERY MARGINAL
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’ 14 delivery gained $ 1.67 pmt month on month on Friday 29 Novemb ...
Sunday, 01 December 13
API 8 CFR SOUTH CHINA COAL SWAP FOR Q2 AND Q3 DELIVERY SHOWS A DECLINE
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 0.63 percept d-d on Friday 29 November 2013. The CFR South ...
Sunday, 01 December 13
PANAMAX RATES HAVE REBOUNDED - CAPT. REDDY
COALspot.com: The freight market was quite firm last week with all the indices increased. Cape Index was gained highest this week which supports inc ...
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- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Planning Commission, India
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- The University of Queensland
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
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