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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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Tuesday, 24 December 13
AUSTRALIAN NEWCASTLE PORT'S WEEKLY COAL EXPORTS UP 11.46% W-W
COALspot.com: In the week ended December 23, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.84 ...
Tuesday, 24 December 13
SGX HAS LAUNCHED FREIGHT FUTURES
COALspot.com: Singapore Exchange (SGX) has announced the launch of freight future yesterday.
According to SGX’s press release, SGX has laun ...
Monday, 23 December 13
API 8 CFR SOUTH CHINA COAL SWAP FOR AVERAGE Q1' 14 CLOSED AT $ 82.80
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 2.97 percept month on month as on Friday 20 December 2013. ...
Sunday, 22 December 13
Q1' 14 DELIVERY COAL SWAPS CLOSING HIGH COMPARED TO Q4' 14 DELIVERY CLOSING
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery gained $ 1.31 pmt month on month on Friday 20 December 2013 ...
Sunday, 22 December 13
QUIET FREIGHT MARKET DUE TO LONG HOLIDAYS
COALspot.com: The market was soft this week with all indices down. However towards second half of the week the futures on segments was firming up.
...
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- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- The University of Queensland
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Minerals Council of Australia
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Planning Commission, India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
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