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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, 20 December 13
US PRODUCED 2.71% MORE COAL WEEK ON WEEK
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal in ...
Friday, 20 December 13
DRY BULK MARKET SLUMPS AHEAD OF HOLIDAY SEASON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As has been the case in recent years, the dry bulk market has been on a downward trend ahead of the Holiday Season for a large part of the world. Th ...
Thursday, 19 December 13
SHIPPING CONFIDENCE HITS THREE-YEAR HIGH - MOORE STEPHENS
Overall confidence levels in the shipping industry rose to their highest level for more than three years over the three-month period to November 201 ...
Wednesday, 18 December 13
SNP ACTIVITY IN CHINA SEEMS TO BE SLOWING DOWN - CHRISTOS TRAGEAS
Approaching the end of the year, SnP activity in China seems to be slowing down in comparison to the first half of this quarter, as most Chinese Shi ...
Wednesday, 18 December 13
DEMOLITION ACTIVITY SCALED BACK AS FREIGHT RATES RISE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's always been the case that each time we witness a spike in freight rates, demolition activity is decreasing, as owners are looking for more car ...
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- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- PTC India Limited - India
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
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