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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, 26 November 13
EWP INVITES COAL BIDS FOR 2014 - 2018 DELIVERIES
COALspot.com: Korea East-West Power Co. Ltd (EWP) invited bids to supply 130,000MT of min 5,600kcal/kg (Sub)-bituminous Coal on NCV basis for March ...
Tuesday, 26 November 13
NEWCASTLE COAL EXPORTS SLIP 22.62% W-W
COALspot.com: In the week ended November 25, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 2.26 ...
Monday, 25 November 13
THE SUB-BIT INDONESIA COAL SWAP MOVEMENT IN YEAR 2014 IS STILL FAR FROM PROMISING
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’ 14 delivery gained $ 2.54 pmt month on month on Friday 22 Novemb ...
Sunday, 24 November 13
CFR SOUTH CHINA COAL SWAPS FOR Q4' 14 DELIVERY PRICE SHOWS A NEGATIVE TREND WEEK ON WEEK AND FLAT ON D-D
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 0.13 percept d-d on Friday 22 November 2013. The CFR South ...
Sunday, 24 November 13
SUPRAMAX FREIGHT RATES REMAINED FIRM FROM INDONESIA TO INDIA AND CHINA - SOLYM
COALspot.com: The freight market was fairly steady except for the Supramax in SE Asia region which continued to remain firm. The BDI was down by 1.5 ...
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- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Latin American Coal - Colombia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Videocon Industries ltd - India
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
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