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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, 03 February 14
SUB-BIT INDONESIA COAL SWAP GAINED WEEK ON WEEK
COALspot.com – Swaps prices gained for thermal coal loading from Indonesia, the world’s largest exporter of the fuel, according SGX.
...
Monday, 03 February 14
API 8 CFR SOUTH CHINA COAL SWAP CONTRACTS FALL
COALspot.com: API 8 CFR South China Coal swaps for average Q1 14 delivery lost 4.71 percent month on month and closed at US$ 78.87 per mt as on Frid ...
Monday, 03 February 14
COAL FREIGHT RATES REMAIN UNDER PRESSURE
COALspot.com: The BDI is fell 50 pct over last one month which seems to be one of the lowest fall in last few years.
The BDI was down by 11 ...
Friday, 31 January 14
U.S. COAL PRODUCTION TOTALED APPROXIMATELY 19.2 MMST W-O-W
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.2 million short tons (mmst) of coal in ...
Friday, 31 January 14
DRY BULK MARKET STILL ON A FALL, EXPECTED TO WORSEN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market is definitely in the doldrums since the start of the year, in what could only be described as a "lost" month for indus ...
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- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- PTC India Limited - India
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Bangladesh Power Developement Board
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