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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, 17 September 13
BUMA PRODUCED 3.57 PERCENT MORE COAL IN AUGUST
COALspot.com: BUMA has removed totaled 25.20 million bcm of overburden to produce 2.90 million tons coal in August 2013. BUMI produced 3.07 percent ...
Tuesday, 17 September 13
NEWCASTLE PORT SHIPPED ABOUT 27 PERCENT MORE COAL WEEK ON WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 27.26 per cent week on week to 3.01 million mt for ...
Tuesday, 17 September 13
TAIPOWER INVITES BIDS FOR SUPPLY OF SUB-BITUMINOUS COAL
COALspot.com - Taiwan Power Company intends to procure 1.050 million tons of sub-bituminous coal for Taipower thermal power plant through open tende ...
Tuesday, 17 September 13
ORPHEUS SECURES SIGNIFICANT INFRASTRUCTURE DEAL THROUGH ACQUISITION OF SOUTH KALIMANTAN PORT CAPACITY
COALspot.com : Orpheus Energy Limited (ASX: OEG) of Australia has today announced that, it has executed a binding agreement with the proprietor of S ...
Monday, 16 September 13
WHAT RECOVERY MEANS FOR THE CAPESIZE MARKET - COMMODORE RESEARCH
COALspot.com: The simple fact that capesize rates have been able to increase above the $9,000/mark and become much more responsive to changes in car ...
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- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- White Energy Company Limited
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Siam City Cement - Thailand
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