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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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Sunday, 20 July 14
THE FREIGHT MARKET CONTINUED ITS DOWNWARD TREND
COALspot.com: The market continued its downward trend this week as all segments were down compared to last week. The Cape and Panamax indices being ...
Friday, 18 July 14
3RD CHINA INTERNATIONAL SHALE GAS SUMMIT
Building on the massive success of the past 2 shale gas programs that has generated huge success by attracting 500+ industry players, and intrig ...
Friday, 18 July 14
US WEEKLY COAL PRODUCTION UP BY 1.4% TO 18.3 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.3 million short tons (mmst) of coal in a ...
Thursday, 17 July 14
PANAMAX : MARKET HAS COOLED DOWN AGAIN TO LOW AND DEPRESSED LEVELS
Handy
The supra market remains pretty flat in the Atlantic while for the smaller sizes there has been little reported with ships chasing business ...
Thursday, 17 July 14
INDIAN GOVERNMENT WISE TO TAKE ADVANTAGE OF CURRENTLY LOW THERMAL COAL PRICES AND SHIPPING RATES - JEFFREY LANDSBERG
With thermal coal import prices (and also shipping rates) very low at present, India's government would be very wise to take advantage of curre ...
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- The University of Queensland
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
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