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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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Friday, 27 December 13
THE EXPORT OF UNPROCESSED MINERALS WOULD NOT BE ALLOWED AFTER 12 JAN 2014 - INDONESIAN ENERGY MINISTER
COALspot.com: The government of Indonesia will implement Law No. 4 of 2009 on Mineral and Coal in full and consistently by January 12, 2014, said, m ...
Friday, 27 December 13
INDONESIA SHIPPED 15.75 PERCENT MORE COAL IN NOVEMBER
COALspot.com: Indonesia, the world's 4th largest coal producer and the largest multi grade coal exporter shipped over $2* billion worth of co ...
Thursday, 26 December 13
COAL & OIL GROUP SECURES US$ 250 MILLION FUNDING FOR ITS 1200MW THERMAL POWER PLANT IN INDIA
COALspot.com: Dubai-based Coal & Oil (C&O) Group has announced that it has secured additional funding of approximately Dhs. 1 billion (appro ...
Wednesday, 25 December 13
DRY BULK INDEX LOST SOME GROUND THIS PAST WEEK - INTERMODAL
Chartering (Wet: Firm+ / Dry: Softer - )
The Dry Bulk Index lost some ground this past week, on the back of activity slowing down befor ...
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 ...
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- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Economic Council, Georgia
- MS Steel International - UAE
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- The University of Queensland
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
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