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Wednesday, 16 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
 Wake me up when September ends - Theodore Ntalakos
Since last September most thought that the worst was behind us. It looks like the market decided once again to contradict everybody and show it's unpredictable nature. Opinions for recovery in the second half of 2014 are now challenged and some are already extending their predictions for recovery to the final quarter. Once again we see demand for seabourne trade not being enough to maximize utilization of the current fleet. China's economy, a decisive factor of dry bulk ship utilization, is slowing down and its iron ore and coal stockpiles remain high.
On the other hand although suppressed, there are substantiated views that the market will turn and whilst the BPI is around September 2012 lows, we see buying interest in modern bulk carriers, from at least a handful of buyers, trying to take advantage of the depressed market. The asset prices are definitely correcting but sellers are not really prepared to meet buyers' aiming levels just yet. Only if the market conditions remain where they are now will we see some sellers reconsider.
A falling market nevertheless, always offers great opportunities and in fact some of the best buys are done during the summer sloth. On the supply side, over the past year, we have recorded a net growth of the fleet of about 370 vessels; this is a 4% increase which in my view is not what has killed the market. However, the rationalization of the orderbook did not last for too long. The orderbook has increased from about 1,400 vessels, representing 16% of the trading fleet, this time last year, to 1,734 vessels this year representing 20% of the dry fleet.
Over-ordering of ultramax size bulk carriers has been lengthily discussed and criticized, and it's a fact that from 388 vessels in June 2013 we now have 682 on order which is a 76% increase! Although not all of them will be materialized, it will no doubt put a lot of pressure in the supramax and the panamax markets going forward. The silver-lining is that while it’s no more than two years since the panamax orderbook also stood at more than 650 vessels, the freight market still managed to improve in 2013 showing that solid demand can somewhat support a little extravagance in ordering.
The panamax fleet has increased by a little more than 130 vessels or 7% following a record of deliveries in 2013. The orderbook of panamax up-to post-panamax size has actually declined from 382 vessels on order to 342 vessels (down from 650 two years ago). We feel that, once the first new generation vessels start trading showing their economic characteristics, the next shipbuilding orders will be in this size which lagged behind in the vessel ordering spree of 2013.
The Handysize fleet has grown by only 17 vessels the past year. The orderbook today represents a healthy 18% of the fleet, and has decreased since the beginning of 2014. There are many new and proven designs from 35,000 up to 43,000 tons deadweight offered by the builders these days and the sector has demonstrated a relative stability compared to the volatile bigger sizes. It remains attractive as a sector due to its low volatility but there is skepticism if the investment will ever provide lucrative returns.
As a result of the orderbook and the market conditions, new building inquiries are limited.
Buyers are waiting for the prices to follow the market and are currently only discussing with the very few shipyards that offer prices below the market. However, with most of the reputable shipbuilders offering their last 2016, or in some cases 2017 slots, there is no rush to follow the market; therefore, it will take some time for the prices to return to more attractive levels.
By Theodore Ntalakos - SnP Broker
Analysts:
Mr. George Lazaridis
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 31 July 14
RIO TINTO SELLS MOZAMBIQUE COAL ASSETS FOR US$ 50 MILLION TO INDIA'S ICVL
COALspot.com: Rio Tinto has agreed to sell its Mozambique coal assets for just US$ 50 million to International coal ventures Private limited of Ind ...
Wednesday, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
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Showing 3571 to 3575 news of total 6871 |
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- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- PTC India Limited - India
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Ministry of Mines - Canada
- Economic Council, Georgia
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
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