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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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Monday, 18 November 13
SUB-BIT INDONESIA COAL SWAP LOST ON WEEK; MARGINALLY GAINED ON DAY
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’ 14 delivery gained $ 1.25 pmt month on month on Friday 15 Novemb ...
Sunday, 17 November 13
Q4' 14 API 8 CFR SOUTH CHINA COAL SWAP CLOSED $ 3.43 PMT (4.34 %) HIGHER THAN Q1' 14 SWAP
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 0.05 percept d-d on Friday 15 November 2013. The CFR South ...
Saturday, 16 November 13
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES FIRM DUE TO STRONG COAL ACTIVITIES
COALspot.com: The Cape and Panamax index was down this week and pulling down the BDI by about 5 pct. BDI was closed at 1507 points on Friday 1 ...
Friday, 15 November 13
DRY BULK MARKET STILL LINGERING ON, DESPITE PREDICTIONS OF NEW IMMINENT RALLY PRIOR TO THE YEAR'S END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market hasn't yet managed to stage a new comeback after its retreat from the recent multiyear highs. Yesterday, the industry's benchm ...
Friday, 15 November 13
US COAL PRODUCTION UP 2.59% WEEK ON WEEK
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.8 million short tons (mmst) of coal in ...
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- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- White Energy Company Limited
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Australian Coal Association
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