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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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Thursday, 31 October 13
HANDY: ACTIVE; PANAMAX: QUIET; CAPESIZE: NO LIGHT
Handy
The handy market had an active week however not directly translated into the rates we´ve seen in the Pacific. We see more coal and baux ...
Wednesday, 30 October 13
INDONESIAN STATE OWNED COAL MINER HAS EXPORTED 7.02 MILLION TONS OF COAL IN 9 MONTHS
COALspot.com : PT. Bukit Asam, Indonesian state owned coal miner has sold 13.24 million tons of coal for the period January - September 2013. Accord ...
Wednesday, 30 October 13
DRY BULK MARKET HAS LOST FURTHER GROUND THIS PAST WEEK - INTERMODAL
Chartering (Wet: Firm+ / Dry: Stable-)
The Dry Bulk market has lost further ground this past week, as de-creased activity in both basins for both C ...
Wednesday, 30 October 13
CAPESIZE: DOWNWARD; SUPRAS AND HANDIES: STABLE - INTERMODAL
The Dry Bulk market has resumed its downward movement, noting another dip for a third week in a row. The larger size segments were responsible for p ...
Tuesday, 29 October 13
NEWCASTLE PORT SHIPPED 12.29 PER CENT MORE COAL W-W
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 12.29 per cent week on week to 3.61 million mt for ...
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- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Planning Commission, India
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- The Treasury - Australian Government
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
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