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Tuesday, 28 January 14
DRY BULK SHIP OWNERS RETREAT TO OLD 'HABITS', REFUSING TO DEMOLISH OLD VESSELS, THREATENING MARKET RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
If one thing is clear as we reflect on the 2013 shipping markets, it's that ship owners took advantage of low prices, in order to acquire newer tonnage through the second hand and newbuilding markets. But, in them doing so, forgot to demolish their older ships, especially as we approached the end of the year, when the dry bulk market rebounded strongly. Of course, in business terms, this decision more than made financial sense. But, on the other hand, if demolition activity doesn't pick up during 2014, it could hurt the long term sustainability of the industry and throw out of the window all of the estimates of a healthier market as we move forward.
In its latest report, shipbroker Intermodal noted that "from the beginning of the second half of 2013 and all the way through December, we witnessed a continuous increase of buying interest in both the newbuilding and second hand market. The said interest was in fact so intense that many times the level a deal would be concluded at, would be excessively higher from the respective market at the time. We witnessed a lot of dry units, mainly modern ones that would come up as sales candidates, attracting named interest from many European buyers, who would later request an inspection. As the length of the list of potential buyers would grow longer, the news would quickly circulate in the market, driving Sellers’ ideas to higher levels and as a result many owners came closer to considering whether that would be a good time to sell one of their units and bag the cash for future acquisitions".
According to the shipbroker's SnP broker, Mr. Panos Makrinos, "despite the fact that asset prices displayed notable increases during 2013, we also watched an increase in the number of vessels that were sold compared to 2012, which is estimated to be around 23% higher. Similarly, in the newbuilding market we witnessed an increase of orders, which in this case doubled compared to the year before, with buyers being attracted more and more by modern designs of eco specs. The fact that newbuilding prices reached two-year highs didn’t seem to deter owners from ordering, as despite any increase achieved, the matter of fact was that prices still hovered around historically low levels", he noted.
However, Makrinos cautioned that "the demolition market didn’t share the same fate. The impressive activity witnessed in 2012 didn’t repeat itself in 2013, despite the fact that the market was waiting that this would be another record year and that demolition prices did reach levels that would be considered more than enticing for owners who were thinking to scrap their vessels. The intense SnP activity that drove asset prices higher was in a big part responsible for this lack of demo candidates. As a matter of fact, we saw many ships built in the 80s, which around the end of 2012 were expected to be scrapped sooner rather than later, being sold for further trading in levels well above scrap".
In his argument, Makrinos said that "the upwards course of freight rates also played an important role to both the increase of SnP activity and the slowing down of demolition activity. As owners kept witnessing the daily return of their units increasing substantially and in many cases reaching two year highs, the positive sentiment quickly filtered through the market, bringing along not only an overall optimistic tone but also the urge for new investment in the industry, especially from private equity funds".
Concluding, he mentioned that "for most, this current year is expected to be as good as 2013 to the least. If the freight market continues its steadily improving course we would most probably watch more funds being invested in shipping even from non-traditional shipping investors. Nonetheless, the overcapacity issue is still very much present and in order for 2014 to meet expectations we will also need to see more vessels heading for scrap, so that modern and newbuilding tonnage secure employment more easily. We wouldn’t be surprised if during this year we saw an increasing number of 90s built ships heading for breaking. In the same spirit China has in fact started to “seduce” owners with substantial subsidies for those who decide to scrap their units and replace them with an eco-newbuilding that will carry the Chinese flag. Hopefully, more countries will follow similar policies that will help excessive tonnage to leave the market and a much healthier demand/supply relationship to return", Intermodal's broker said.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Saturday, 22 February 14
POTEN RAISES THE QUESTION OF ACCURACY IN CALCULATING TANKER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the tanker market has grown in complexity over the course of the past few years, the question of whether the traditional methods of assessing rat ...
Friday, 21 February 14
INDONESIA PLAN TO CAP COAL OUTPUT AND HIKE ROYALTY; START MUSIC
COALspot.com: Energy and Mineral Resources Ministy of Indonesia is planning to increase the royalty for coal miners particularly for Mining Business ...
Friday, 21 February 14
THE WORLD'S SECOND LARGEST COAL MINER MINED 19.2 MMST OF COAL IN A WEEK, EIA SAYS
COALspot.com – United States the world’s second largest coal producer, mined approximately 19.2 million short tons (mmst) of coal in a w ...
Friday, 21 February 14
DRY BULK MARKET SHOWS SIGNS OF LIFE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has slowly started to emerge from the downfall it's been since the start of the year, as rates have began to pick up over the c ...
Friday, 21 February 14
INDONESIA COAL OUTPUT CAP TO HURT MINERS RELIANT ON VOLUME GROWTH, FITCH SAYS
Fitch Ratings says that the credit profiles of mining sub-contractors and miners highly reliant on increasing volumes to support high debt servicing w ...
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- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Economic Council, Georgia
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- ASAPP Information Group - India
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- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Minerals Council of Australia
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
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