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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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Saturday, 30 November 13
NTPC STARTED IMPORTING COAL THROUGH NW1 FOR ITS FARAKKA POWER PLANT
COALspot.com: In a pioneering and path breaking operation, the very first consignment of about 69,060 metric tons of imported coal bought by MV HUAY ...
Friday, 29 November 13
DRY BULK MARKET BACK ON HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market is strengthening as a result of higher demand for Capesize vessels. The BDI (Baltic Dry Index) was up by 146 points yesterday, e ...
Wednesday, 27 November 13
DRY SEGMENTS EXCEPTION OF PANAMAXES, REMAINED OVERALL STABLE - INTERMODAL
COALspot.com : The Dry Bulk market closed off the week in the red, albeit the decrease noted was of short scale. With the exception of Panamaxes, th ...
Wednesday, 27 November 13
US WHEAT IMPORTS TO BRAZIL, REACHED A 35 - YEAR HIGH - EVA TZIMA
COALspot.com: As I am going through a number of dry market fixtures reported since the beginning of October, my eyes instinctively stop where they d ...
Wednesday, 27 November 13
SHIP OWNERS ONCE AGAIN TURN TO DRY BULK CARRIERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners once again turned to more dry bulk carrier ordering over the course of the past week, as more and more appear convinced of the industry ...
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- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
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