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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, 07 October 13
Q3'14 SUB-BIT FOB INDONESIA COAL SWAP CLOSED 6.53% HIGHER THAN Q4'13
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery gained 0.53 % on day and fell 2.33 percept month on month ...
Sunday, 06 October 13
DRY BULK FREIGHT MARKET STAYS STEADY IN SPITE CHINESE HOLIDAYS - SOLYM CARRIERS SINGAPORE
COALspot.com: The freight market continued to remain firm in spite of Chinese holidays.
The BDI closed at 2,084 points on Friday 4 October or up ...
Saturday, 05 October 13
CAPESIZE EARNINGS SKYROCKET AS A RESULT OF INCREASED CHINA DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
An increased iron ore demand has triggered this latest dry bulk rally, which could get yet another boost during next week, when China is expected to ...
Friday, 04 October 13
NICKEL ORE SHIPMENTS - LESSONS LEARNED FROM LOSSES
One of the most pressing problems for the bulk shipping industry is the safe carriage of nickel ore. The increasing demand for this commodity is fue ...
Friday, 04 October 13
US COAL PRODUCTION UP 2.1% WEEK ON WEEK - EIA
COALspot.com – United States the world’s second largest coal producer produced approximately 19.70 million short tons (mmst) of coal in ...
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- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Australian Coal Association
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
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