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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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Tuesday, 22 October 13
KOWEPO INVITED BIDS FOR MULTI GRADE COAL
COALspot.com - Korea Western Power Co., Ltd. (KOWEPO), a Korean electricity generator intends to procure 240,000 tons of multi grade coal for its Ta ...
Monday, 21 October 13
SOUTH CHINA COAL SWAP FOR 2014 DELIVERIES SHOW A POSITIVE TREND
COALspot.com : API 8 CFR South China Coal swaps for average Q4 2013 delivery fell 0.02 percept M-M on Friday 18 October 2013. The CFR South China Co ...
Sunday, 20 October 13
Q3'14 SUB-BIT INDO COAL SWAP CLOSED AT $ 61.80 PMT W/E 18 OCT' 13
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery fell 0.93 percept month on month on Friday 18 October 201 ...
Saturday, 19 October 13
NICKEL ORE SHIPMENTS KEEP SUPRAMAX CHARTER RATES STEADY - CAPT. REDDY
COALspot.com : The futures freight market continued to go down which was reflected in the physical markets as well.
The BDI continued to be soft ...
Friday, 18 October 13
WOOD MACKENZIE FORECASTS CHINA WILL OUTWEIGH THE REST OF THE WORLD FOR BASE METALS DEMAND BY 2017
China set to account for 52% of 117mt base metals market by 2017
China is on track to exceed rest of the World demand by 2017, becoming the singl ...
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- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- The University of Queensland
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
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