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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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Sunday, 26 January 14
FREIGHT RATES FALL FURTHER ON LACK OF CARGOES - SOLYM CARRIERS
COALspot.com: The freight market has continued to soften further this week with BDI down by 12.31 pct. BDI was closed at 1,246 points week ended 24 ...
Friday, 24 January 14
US COAL PRODUCTION UP 3.9% ON WEEK IN WEEK ENDED SATURDAY - EIA
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.1 million short tons (mmst) of coal in ...
Friday, 24 January 14
DRY BULK MARKET STRUGGLING TO FIND FIRM FOOTING IN START OF 2014 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been faltering since the start of 2014, struggling to hold its ground as low seasonal demand has hindered further growth in ...
Thursday, 23 January 14
PANAMAX : THIS WEEK THE ACTIVITY CAME DOWN DRAMATICALLY - FEARNRESEARCH
Handy
With the Chinese New Year approaching the activity and rate levels are sliding in both hemispheres. Rates in the Atlantic have knocked off so ...
Thursday, 23 January 14
30 DAYS LEFT TO REGISTER FOR PACIFIC BASIN COAL CONFERENCE
COALspot.com: (Press Release) : IHS Inc. (NYSE: IHS), the leading global source of information and analysis, will host the Pacific Basin Coal Confer ...
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- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Australian Coal Association
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
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