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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, 28 October 13
API 8 CFR SOUTH CHINA COAL FOR Q3'14 DELIVERY LOST ON D-D,W-W & M-M
COALspot.com : API 8 CFR South China Coal swaps for average Q4 2013 delivery fell 0.22 percept M-M on Friday 25 October 2013. The CFR South China Co ...
Monday, 28 October 13
COAL SWAP FOR Q3' 2014 DELIVERY LOST ON D-D, W-W AND M-M
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery gained 0.46 percept month on month on Friday 25 October 2 ...
Saturday, 26 October 13
PANAMAX CHARTER RATES FROM INDONESIA TO INDIA STAY FIRM - SOLYM
COALspot.com: The freight market showed tendency of softness with Cape and Panamax futures and physical soft.
The BDI was down by 12 pct week end ...
Saturday, 26 October 13
DRY BULK MARKET KEEPS ON RETREATING, BUT NEW BUILDING ORDERS KEEP ON PILING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market kept on retreating this week, with the industry's benchmark, the Baltic Dry Index (BDI) falling to 1,708 points, down 78 on the ...
Friday, 25 October 13
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED TOTALLED 803.1 MMST
COALspot.com – United States the world’s second largest coal producer produced approximately 19.10 million short tons (mmst) of coal in ...
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- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
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