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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, 13 November 13
THE SOFTENING HAS AFFECTED THE BIGGER SIZE SEGMENTS; SMALLER ONES STILL APPEAR TO BE VERY STABLE - INTERMODAL
After a month and a half of back to back weekly declines, the dry bulk market has finally reversed its negative course. We believe that there should ...
Wednesday, 13 November 13
DRY BULK MARKET HAS REVERSED ITS NEGATIVE COURSE - INTERMODAL
Chartering (Wet: Firm+ / Dry: Stable+ )
The Dry Bulk market has reversed its negative course this past week with rates for Capes making up fo ...
Wednesday, 13 November 13
NEWCASTLE COAL EXPORTS PLUNGE 12.40% IN W/E 10 NOVEMBER FROM THE PRIOR WEEK
COALspot.com: In the week ended November 11, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totaled 2.42 ...
Monday, 11 November 13
TAMIL NADU STATE OWNED POWER GENERATOR TO IMPORT 3.7 MMT OF 6000 GAD COAL
COALspot.com - TANGEDCO, Tamil Nadu Generation & Distribution Corporation Ltd, Tamil Nadu state owned power generator & distributor intends ...
Sunday, 10 November 13
PANAMAX COAL FREIGHT RATES REMAIN UNDER PRESSURE; SUPRAMAX BIGGEST GAINER - REDDY
COALspot.com: The freight market was up this week with all indices increased except for Panamax index.
The BDI was up by 56 points closing at 158 ...
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- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- MS Steel International - UAE
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- The University of Queensland
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
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