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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, 13 July 14
PANAMAX INDEX GAINS SLIGHTLY THIS WEEK; CAPE INDEX FALLS ALMOST 21.40%
COALspot.com: This week the freight market fell again after gaining last week. The cape index was down almost 21.40 pct and closed at 1465 points.
...
Friday, 11 July 14
EUROPE HAS A SUBSTANTIAL SURPLUS IN COAL SUPPLIES; RENEWABLE ENERGIES ARE REDUCING THE FULL-LOAD OPERATING HOURS OF HARD COAL-FIRED POWER PLANTS - VDKI
COALspot.com: General conditions for coal-fired power plants must be improved if the energy turnaround is to be a success, said German coal importe ...
Friday, 11 July 14
DR.CIESLIK RE-ELECTED AS CEO OF GERMAN COAL IMPORTER ASSOCIATION (VDKI)
Press Release : Dr Cieslik re-elected as CEO of German Coal Importer Association (VDKi) for the period 2014 – 2018. The German Coal Importer ...
Friday, 11 July 14
PORT OF NEWCASTLE SHIPPED $ 1.031 BILLION WORTH OF 11.744 MILLION TONS OF COAL IN JUNE 2014
COALspot.com: Port of Newcastle has shipped 11,744,396 tons of coal for the month ended 30 June 2014. According to Port’s monthly report, YTD ...
Friday, 11 July 14
UNITED STATE'S MONTHLY COAL OUTPUT FALLS 5.53% IN JUNE
COALspot.com – United States the world's second largest coal producer, produced approximately 18.1 million short tons (mmst) of coal in a ...
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- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- India Bulls Power Limited - India
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