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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, 13 December 13
DRY BULK SHIPPING TO WITNESS HEALTHY DEMAND MOVING FORWARD - ICS
The Institute of Chartered Shipbrokers Greek Branch organised its 9th Annual Forum at Eugenides Foundation, on Wednesday, 11th of December, with a r ...
Friday, 13 December 13
US PRODUCED APPROXIMATELY 18.4 MILLION SHORT TONS OF COAL W/E 7 DECEMBER 2013
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.4 million short tons (mmst) of coal in ...
Thursday, 12 December 13
GREAT EXPECTATIONS SANCTIONED - EVA TZIMA
News that sanctions on Iranian oil exports could be lifted sometime in the following months have shaken the markets recently. One of the world&rsquo ...
Thursday, 12 December 13
DRY BULK MARKET RATES FOR CAPESIZES TO REMAIN VOLATILE SAYS BIMCO
The dry bulk market has reached multi year highs this week, as the BDI is standing at the 2,300-point mark. In its analysis of the market, BIMCO pre ...
Wednesday, 11 December 13
THE INDONESIAN GOVERNMENT IS CONSIDERING SETTING A REGULATION ON THE MINIMUM PURITY TO REGULATE UNPROCESSED ORE BAN
COALspot.com: Energy and Mineral Resources Minister Jero Wacik recently proposed to house those mining (mineral) companies that had shown a commitme ...
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- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Australian Coal Association
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
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