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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, 01 October 13
DRY BULK MARKET POISED FOR RETREAT ON CHINA HOLIDAY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The start of a national weeklong in China as of Tuesday is expected to put a lid in the latest rally of the dry bulk freight market, as has always b ...
Monday, 30 September 13
NEWCASTLE'S COAL EXPORT VOLUME CONTINUES TO SLIP
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port fell 8.38 per cent week on week to 2.67 million mt fo ...
Monday, 30 September 13
PANAMAX CHARTER RATES TOUCHING US$ 18K FOR A TRIP TO NOPAC - CAPT. REDDY
COALspot.com : The freight market continued to remain firm, BDI and the Panamax index up week ended 27 September 2013.
The cape index was fell to ...
Sunday, 29 September 13
API 8 CFR SOUTH CHINA COAL Q3 2014 DELIVERY SWAP GAINED $1.19 M-O-M
COALspot.com : SGX has launched API 8 CFR South China Coal Swap on 29 April 2013 and SGX replaced the previous swap.
API 8 CFR South China Coal s ...
Sunday, 29 September 13
SUB-BIT INDONESIA COAL SWAP FELL ON MONTH AND WEEK
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery fell 3.93 percept month on month on Friday 27 September 2 ...
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- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Planning Commission, India
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
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