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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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Wednesday, 20 November 13
TAIPOWER TO IMPORT 0.825 MMT OF 5000 GAR COAL FOR Q2' 14
COALspot.com: Taiwan Power Company intends to procure 825,000 metric tons of general sub-bituminous coal with calorific value not lesser than 5,000 ...
Wednesday, 20 November 13
CAPES AND PANAMAXES SOFTENING; SMALLER SIZE SEGMENTS FIRMING FURTHER - INTERMODAL
Chartering (Wet: Firm+ / Dry: Stable- )
The BDI has closed off the week on the red, with rates for Capes and Panamaxes softening and those fo ...
Tuesday, 19 November 13
INDONESIAN GOVERNMENT'S DECLARED COAL PRICE REFERENCE UP 1.98% IN NOVEMBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has increased government declared coal bench mark price by US$ 1.52 / MT ...
Tuesday, 19 November 13
WEEKLY COAL EXPORTS FROM NEWCASTLE PORT INCREASED BY 20.59%
COALspot.com: In the week ended November 18, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totaled 2.92& ...
Tuesday, 19 November 13
SHIP OWNER POUR MORE MONEY INTO DRY BULK CARRIER ACQUISITIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The recent dry bulk market's rally, coupled with an expected fall in oversupply and robust cargo demand has boosted ship owners' optimism on the l ...
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- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- PTC India Limited - India
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Parliament of New Zealand
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
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