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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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Wednesday, 16 October 13
NEW STRATEGIES AND OPPORTUNITIES IN A RAPIDLY EVOLVING COAL INDUSTRY
The 12th Annual Coal Markets assumes even more significance as the industry seeks more market information, inputs on trade strategies, supply and de ...
Wednesday, 16 October 13
CAPES: RATES DROPPED; PANAMAX: ADVANCED - INTERMODAL
After a month and a half of straight weekly positive closings, the BDI has finished the week in the red. Monday started slow as holidays in the East ...
Wednesday, 16 October 13
WILL THIS LATEST DRY BULK MARKET UPTREND PROVE TO BE AS LONG-LIVED OR JUST ANOTHER MOMENTARY SPIKE? - CHRISTOS MANZTIOS
COALspot.com: So here we are again facing the same old question: Will this latest market uptrend prove to be as long-lived as all owners hope or jus ...
Wednesday, 16 October 13
KOSEP TO IMPORT 0.49 MILLION TONS OF 4600 NAR COAL FOR JAN - FEB '14
COALspot.com - Korea South-East Power Co., a Korean generator and distributor of electricity on behalf of five Korean Gencos intends to procure 490, ...
Tuesday, 15 October 13
CHINA COAL IMPORTS TO KEEP GROWING IN THE YEARS TO COME, ALBEIT AT A SLOWER RATE - EVA TZIMA / NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest monthly report, shipbroker Intermodal highlighted the growing role of coal in the energy mix. According to Intermodal's research anal ...
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- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- The University of Queensland
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
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