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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, 27 September 13
TAIWAN'S FORMOSA TO IMPORT 140K MT OF BITUMINOUS COAL FOR Q4
COALspot.com : Taiwan's Formosa Plastics Group is inviting bids for 140,000 mt of bituminous coal for delivery in the Q4 for its China plant.
Ac ...
Friday, 27 September 13
CAPESIZES REGAINING PART OF THEIR FORMER GLORY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The latest dry bulk market rally has been nothing short of spectacular, with freight rates more than doubling over the past few weeks. This growth h ...
Friday, 27 September 13
US PRODUCED 19.30 MMST OF COAL IN SEVEN DAYS
COALspot.com – United States the world’s second largest coal producer produced approximately 19.30 million short tons (mmst) of coal in ...
Thursday, 26 September 13
PANAMAX MARKET CONTINUE WITH STRONG RATES IN BOTH BASINS - FEARNRESEARCH
Handy
Feast rates are still firm, some fresh stems entered the market. Vessels trading around $15k passing Singapore for coal to India, and a bit l ...
Thursday, 26 September 13
INTERCARGO PUBLISHES BENCHMARKING BULK CARRIERS 2012-13 REPORT
The International Association of Dry Cargo Shipowners (Intercargo) has today launched Benchmarking Bulk Carriers 2012-13, the latest edition of our ...
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- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
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