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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, 18 October 13
DRY BULK MARKET ON "PAUSE" MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been on "pause" mode over the past week, after China's return from the week long holidays. The industry's benchm ...
Friday, 18 October 13
US PRODUCED 6.7% MORE COAL W-W
COALspot.com – United States the world’s second largest coal producer produced approximately 18.9 million short tons (mmst) of coal in a ...
Thursday, 17 October 13
CAPESIZE: RATES ARE AGAIN MOVING UPWARDS - FEARNRESEARCH
Handy
Activities were obviously slowed down in the Pacific basin. There were only few coal movements which fixed around USD 15-16k for ships in Sin ...
Thursday, 17 October 13
SGX TO LAUNCH "SGX THERMAL COAL FUTURES" NEXT MONDAY
COALspot.com: SGX is to launch two thermal coal futures contracts, SGX API 8 CFR China Coal Index Futures and SGX IHS McCloskey Indonesian Sub-bit F ...
Thursday, 17 October 13
CHINA'S COAL IMPORTS DOWN 9.4% TO 25.96 MMT IN AUGUST
COALspot.com: China's August Imported coal volumes down 9.4% m-m but up 27% y-y, BNP said in its latest China Coal & Power report released on 1 ...
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- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Planning Commission, India
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
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