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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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Thursday, 30 January 14
JPU SETTLEMENT PRICE AS A BENCHMARK WILL DECLINE IN IMPORTANCE BUT REMAIN RELEVANT, SAYS WOOD MACKENZIE
JPU price will remain above spot, trending closer to spot till 2015 then increasing to 2035.
Japanese Power Utilities (JPU) are approaching a cru ...
Thursday, 30 January 14
PANAMAX MARKET IS SOFTENING ON LESS ACTIVITY IN BOTH HEMISPHERES - FEARNRESEARCH
Handy
In the Atlantic rates have been slowly sliding but ows can still achieve decent money for TArv´s. USG positions still being fixed in re ...
Thursday, 30 January 14
TANKER PROFITABILITY IS THE 'MILLION-DOLLAR' QUESTION FOR SHIP OWNERS THIS YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The tanker market conditions are expected to remain challenging throughout the year for tanker owners, but even more pressing will be the issue of a ...
Tuesday, 28 January 14
GLOBAL COKING AND STEAM COAL PRODUCTION HAVE GROWN 2% TO 3% TO ABOUT 7.1 BILLION TONNES AS OF THE END OF 2013 - VDKI
COALspot.com (Press Release): Initial figures on the world hard coal market at the VDKi ((Association of Coal Importers - German) New Year’s R ...
Tuesday, 28 January 14
AUSTRALIAN NEWCASTLE PORT'S WEEKLY COAL EXPORTS JUMP 13.75% WEEK ON WEEK
COALspot.com: In the week ended 27 January 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled ...
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- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
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- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
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- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
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- Neyveli Lignite Corporation Ltd, - India
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- Trasteel International SA, Italy
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- Attock Cement Pakistan Limited
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- Sical Logistics Limited - India
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- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
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- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
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- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
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- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
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- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- The University of Queensland
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- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
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- Planning Commission, India
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- VISA Power Limited - India
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- CNBM International Corporation - China
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
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