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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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- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- White Energy Company Limited
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Australian Coal Association
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Planning Commission, India
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
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