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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, 22 November 13
DRY BULK MARKET STILL LACKLUSTRE, DESPITE PROJECTIONS OF A NEW RALLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
We might still be about six weeks far from the end of the year, but the projected by many analysts upcoming rally of the dry bulk market, hasn't ye ...
Friday, 22 November 13
US COAL PRODUCTION DOWN 1.3% W-W
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.5 million short tons (mmst) of coal in ...
Thursday, 21 November 13
TAIPOWER TO PROCURE 750K MT OF 5500 GAR BITUMINOUS COAL FOR MAY - AUGUST 2014
COALspot.com: Taiwan Power Company intends to procure 750,000 metric tons of bituminous coal with calorific value not lesser than 5,500 kcal/kg on a ...
Thursday, 21 November 13
CAPESIZE : THE DOWNWARD TREND HAS TURNED INTO NOTABLE SPOT AND PERIOD IMPROVEMENT - FEARNLEYS
Handy
The Atlantic market experienced a general rate increase for most trades this week. More cargoes in the market and chrts looking for prompt t ...
Wednesday, 20 November 13
PANAMAX MARKET RESUMED ITS NEGATIVE MOVEMENT FOR A SECOND WEEK IN A ROW - INTERMODAL
COALspot.com: The recovery noted the week prior in the dry Bulk market proved to be short-lived, as the BDI slipped back down to the low 1,500 point ...
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- MS Steel International - UAE
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
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