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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, 20 January 14
SUB-BIT INDONESIA COAL SWAP SEEN LOWER IN 2ND HALF OF 2014
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery lost $ 0.78 pmt month on month on Friday 17 January 2014. T ...
Monday, 20 January 14
THE CFR SOUTH CHINA COAL MARKET APPEARS TO HAVE LOST DIRECTION
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery lost 4.25 percept month on month and closed at US$ 79.48 per mt as ...
Sunday, 19 January 14
FREIGHT MARKETS SEE CONTINUED WEAK PERFORMANCE
COALspot.com: The market has continued to soften particularly in the far East/SE Asia sector.
The BDI was down 6 pct week on week, the index was ...
Friday, 17 January 14
US COAL PRODUCTION DOWN WEEK ON WEEK: EIA
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.3 million short tons (mmst) of co ...
Friday, 17 January 14
DRY BULK MARKET ENDS DECLINE, BOUNCES BACK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's been a rough start to the New Year for the dry bulk market, which was supposed to be on the verge of rallying to new heights this year, on the ...
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- Borneo Indobara - Indonesia
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- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Minerals Council of Australia
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
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- Parliament of New Zealand
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- Indian Oil Corporation Limited
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- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
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- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Planning Commission, India
- Petron Corporation, Philippines
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