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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.
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Friday, 20 September 13
US COAL PRODUCTION SLIGHTLY UP WEEK ON WEEK
COALspot.com – United States the world’s second largest coal producer produced totalled approximately 20.30 million short tons (mmst) of ...
Friday, 20 September 13
COLOMBIA SHIPPED 31.14 MILLION TONS OF THERMAL COAL IN H1
COALspot.com : Colombia’s coal exports fell by 20.59 percent in June 2013 compared to Colombia’s May's export of 7,633,579 MT.
Colom ...
Thursday, 19 September 13
CAPESIZE : AVERAGE DAILY EARNINGS HAVE GAINED ALMOST USD 6K WOW - FEARNLEYS
Handy
The rates in Feast are still firm this week even the activity calmed down a bit as chrtrs are not in a rush to cover even their end Sept carg ...
Wednesday, 18 September 13
IRON ORE AND ZINC ARE BEST PERFORMING MINING SECTORS IN CURRENT LOW PRICE, HIGH COST ENVIRONMENT - WOOD MACKENZIE
With the fall in commodity prices, cash margins in the mining industry have come under pressure. Accordingly, producers and investors are placing in ...
Wednesday, 18 September 13
DRY BULK MARKET CONTINUED TO ADVANCE - INTERMODAL
Chartering (Wet: Stable- / Dry: Firm+ )
The Dry Bulk market continued to advance at a very fast pace, with the BDI closing off the week north ...
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- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- VISA Power Limited - India
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
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