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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, 17 December 13
NEWCASTLE COAL EXPORTS UP 37.83% WEEK ON WEEK
COALspot.com: In the week ended December 16, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.45 ...
Monday, 16 December 13
SUB-BIT FOB INDONESIA COAL SWAP LOST $ 0.53 IN A WEEK
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery gained $ 0.91 pmt month on month on Friday 13 December 2013 ...
Monday, 16 December 13
API 8 CFR SOUTH CHINA COAL Q3' 14 DELIVERY PRICE CLOSED $1.63 LESSER THAN Q1' 14 PRICE
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 5.34 percept month on month as on Friday 13 December 2013. ...
Sunday, 15 December 13
SUPRAMAX'S FREIGHT RALLY COMES TO AN END THIS WEEK
COALspot.com: The BDI was up by 7 pct closing at 2,330 points week on week and the cape index was also up by 10.51 points and closed at 4,246 points ...
Friday, 13 December 13
HARD COAL : VOLUMES POSSIBLY AT RECORD-BREAKING HIGH; PRICES POSSIBLY AT A RECORD-BREAKING LOW - VDKI
Press Release : World Hard Coal Market 2013: volumes possibly at record-breaking high, prices possibly at a record-breaking low. German and UK impor ...
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- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Planning Commission, India
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Malabar Cements Ltd - India
- The University of Queensland
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
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