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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, 08 November 13
DRY BULK MARKET BOUNCES BACK ON RENEWED DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market staged a mild comeback this week, as the industry's benchmark, the Baltic Dry Index (BDI) inched forward step by step and bit b ...
Friday, 08 November 13
US'S OCTOBER COAL PRODUCTION INCREASED BY 1.78% M-M - EIA
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.3 million short tons (mmst) of coal in ...
Thursday, 07 November 13
FORMOSA PLASTICS SEEKS 80K MT OF 5850 GAR COAL
COALspot.com: Taiwan's Formosa Plastics Group is inviting bids for 80,000 mt of bituminous coal for delivery in Nov - Dec'13 for its Chi ...
Thursday, 07 November 13
INDONESIAN COAL EXPORT VOLUME INCREASED; REVENUE DECREASED
COALspot.com: Indonesia, the 15th largest economy, 4th largest coal producer in the world and world's largest multi grade coal exporter shipp ...
Thursday, 07 November 13
THE ENERGY INDUSTRY'S RISING WATER CHALLENGE - WOOD MACKENZIE
Water poses a variety of business risks for the energy industry, and could play an influential role in shaping the future energy supply mix, accordi ...
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- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Planning Commission, India
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
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