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Wednesday, 08 January 14
SHIPPING: THE ABSOLUTE BOTTOM OF THE CYCLE WAS REACHED AND PASSED - GEORGE LAZARIDIS
 COALspot.com: To many in the industry 2013 has been the turning point in the market where the absolute bottom of the cycle was reached and passed.
The truth is that from the very start of the year we had good omens pointing to a change in conditions. The start of all this seemed to have been initially brought about by the increased activity that was triggered early on in the year by the continuous drop in value of the Japanese Yen, and more directly by the change in investor perception regarding the level that second-hand and new building prices had reached. This increased activity in the dry bulk market started to gradually build up and in turn creating more buying interest and pushing prices upwards.
With all this we have managed to see a stellar year in terms of activity, with second-hand sale and purchase activity reaching over 1,500 in number which is considerable improvement compared to the 1,223 that took place in 2012 and the 1,154 in 2011. From this total for 2013, around a quarter were made by Greek buyers, followed by the Chinese which had less than a third of what Greek buyers managed. What makes this even more extraordinary is that these Greek purchases were made in the backdrop of a troubled ship financing sector especially when it comes to Greek banks which faced complete restructuring half way through the year, leaving them with limited resources for use to further support second-hand purchases. One of the biggest transitions in this regard has been the extent to which we have seen private equity funds turning their attention towards shipping and stepping up to fill part of the financing void that has been created these past couple of years.
There was also a similar development in the new building market, where despite the limited activity of new orders made during 2012, the past 12 months we have seen a dramatic turn around with most shipbuilders’ order books filling up until early 2016 delivery. The total number of new orders reached over 2,000 units for the main four ship types (i.e Dry Bulkers, Tankers, Containers and Gas Carriers), which is a considerable increase compared to the respective 881 noted in 2012. In terms of which shipbuilding nation took the leading role, this year was the chance for Chinese shipbuilders to retake the reigns and receive almost 40% of all the new orders placed. In comparison S. Korean and Japanese shipbuilders both received around 16% each of all the new orders placed. In respect to buyers, Greek and Japanese owners were closely tied first place in terms of volume of new orders made, although Greeks overall made orders for larger vessels. Taking into consideration what we had seen throughout 2013, it looks as though there is much to look forward to for the next 12 months. The market players look to be considerably more optimistic than a year back and with limited new deliveries scheduled for this year when compared to previous years, it looks that there is a possibility that the balance between supply and demand may well be even better this year. With much of the worst now seeming to be well behind us it is a matter of how owners will find new and novel ways to fund the opportunities that they find and if they prove to be profitable ventures will that eventually change the perception amongst traditional ship financing banks allowing them to renter the scene and pull the market into even better prospects.
by George Lazaridis
Research Analyst
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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Thursday, 09 January 14
CAPESIZE: WEST AUSTRALIA FREIGHT IS NOW DOWN IN THE $8S AND STILL DROPPING - FEARNLEYS
Handy
In the Atlantic we see rates sliding slowly for the start of 2014. Several players cvrd over the holidays and the rate decline was som ...
Thursday, 09 January 14
THE SHIPPING MARKET IN 2013 AND LOOKING FORWARD GLOBAL ECONOMY: STEADY AS SHE GOES UPWARDS - BIMCO
Over the past year, developed economies have gained traction while developing and emerging economies have suffered from slower growth. Despite key e ...
Wednesday, 08 January 14
DRY BULK MARKET PROSPECTS LOOKING BRIGHTER DESPITE SLOW START TO THE NEW YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the fact that the dry bulk market's benchmark, the BDI has been on a fall since the start of 2014, ending yesterday's session down to 1,87 ...
Wednesday, 08 January 14
AUSTRALIAN NEWCASTLE PORT'S WEEKLY COAL EXPORTS FALL
COALspot.com: In the week ended January 6, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.27 m ...
Wednesday, 08 January 14
THE DRY BULK MARKET HAS LOST SOME OF ITS STEAM THESE PAST COUPLE OF DAYS: INTERMODAL
Chartering (Wet: Softer- / Dry: Softer- )
The Dry Bulk market has lost some of its steam these past couple of days although hires, espe ...
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- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Australian Coal Association
- McConnell Dowell - Australia
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Planning Commission, India
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- PTC India Limited - India
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
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