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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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Wednesday, 15 January 14
INDONESIAN MINING LAW AVERTS BOP PRESSURE, RISKS REMAIN, FITCH SAYS
The last-minute intervention at the weekend by Indonesia's politicians to avert a significant disruption of mining activity and exports, should lim ...
Wednesday, 15 January 14
Q3 AND Q4 INDONESIAN COAL SWAPS DECLINE MONTH ON MONTH
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery lost $ 1.23 pmt month on month on Friday 10 January 2014. T ...
Wednesday, 15 January 14
PANAMAX: PACIFIC - REMAINED QUIET; ATLANTIC - CONTINUED THEIR RETREAT
COALspot.com: The holiday hangover seems well underway for the Dry Bulk market that saw more ground being lost this past week. The BDI has closed of ...
Tuesday, 14 January 14
AUSTRALIAN NEWCASTLE PORT'S WEEKLY COAL EXPORTS FALL 18.28 %
COALspot.com: In the week ended January 13, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 2.67 ...
Monday, 13 January 14
INDONESIAN ORE BAN TO HAVE LIMITED IMPACT ON CHINESE ALUMINIUM PRODUCERS, FITCH RATINGS SAYS
COALspot.com: Fitch Ratings says today that Indonesia's ban on exports of unprocessed mineral ore will have limited impact on Chinese aluminium pro ...
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- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- The University of Queensland
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
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