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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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Monday, 17 February 14
Q1 2015 COAL SWAPS CLOSED $ 2.21 HIGHER THAN Q2 2014 SWAPS
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 delivery lost 3.16 percent month on month and closed at US$ 76.12 per mt as o ...
Sunday, 16 February 14
SUPRAMAX : THE FAR EAST/SE ASIA CHARTER RATES FIRMED UP
COALspot.com: The freight market had a mixed reaction this week with BDI increased by 1.37 pct and closing at 1106 points on Valentine day. The cape ...
Friday, 14 February 14
US COAL PRODUCTION STILL SLIPPING
COALspot.com – United States the world’s second largest coal producer, produced approximately 17.9 million short tons (mmst) of coal in ...
Thursday, 13 February 14
PANAMAX : NOT ENOUGH REQUIREMENTS TO KEEP THE ATLANTIC MARKET FLOATING - FEARNLEYS AS
Handy
After the Chinese holidays the week started on a positive note. Owners are talking higher rates but chrtrs are still somehow reluctant to mov ...
Thursday, 13 February 14
DRY BULK MARKET FACES BETTER PROSPECTS ON THE BACK OF IMPROVING DEMAND AND SUPPLY BALANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has started off the New Year on the "left foot", with the strong finish of 2013 proving to be unsustainable, on the ba ...
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- Wilmar Investment Holdings
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
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- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Videocon Industries ltd - India
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- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
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- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
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- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
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- Bangladesh Power Developement Board
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- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
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- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Australian Coal Association
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- The University of Queensland
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Planning Commission, India
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
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