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