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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, 15 October 13
NEWCASTLE PORT SHIPPED 6.50% MORE COAL W-O-W
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 6.50 per cent week on week to 3.19 million mt for ...
Monday, 14 October 13
MEMR OF INDONESIA SETS THE COAL'S SPOT PRICE AT US$ 76.61 FOR OCT'13 DELIVERY
COALspot. com - The Indonesian government has revised down government declared coal bench mark price by US$ 0.28/ MT to US$ 76.61 for October 2013 d ...
Monday, 14 October 13
CARBON POLICIES UNLIKELY TO PREVENT A COAL-FUELLED WORLD - WOOD MACKENZIE
China will propel coal growth but US, Europe and Asia will sustain global demand.
At the World Energy Congress (WEC) today Wood Mackenzie's Pres ...
Sunday, 13 October 13
Q4'13 DELIVERY SUB-BIT INDO COAL SWAP FALLS SEVEN STRAIGHT WEEK
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery fell 1.72 percept month on month on Friday 11 October 201 ...
Sunday, 13 October 13
API 8 CFR SOUTH CHINA COAL - AVERAGE Q4 2013 DELIVERY FELL 0.30 PERCEPT ON WEEK
COALspot.com : API 8 CFR South China Coal swaps for average Q4 2013 delivery fell 0.30 percept week on week on Friday 11 October 2013. The CFR South ...
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- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Economic Council, Georgia
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- White Energy Company Limited
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
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