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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, 10 July 14
SGX EXPANDS ACROSS THE BULKS WITH NEW COAL PRODUCTS
COALspot.com: Singapore Exchange (SGX) is expanding its bulk commodity derivatives offering by launching new coking and thermal coal products on 4 ...
Thursday, 10 July 14
HANDY: SMALL INCREASE; PANAMAX: POSITIVE TONE; CAPESIZE: PAPER VALUES REMAIN WEEK
Handy
It is a general increase in activity in both hemispheres whereas rates have just experienced a small increase. In the Feast we see stable a ...
Wednesday, 09 July 14
SHIP INVESTMENTS ARE TRENDING LOWER
Most ship owners are deeming current ship prices on the high side, refraining from making serious commitments in new acquisitions or newbuilding or ...
Wednesday, 09 July 14
INDIAN GOVERNMENT ADVISED POWER UTILITIES TO INCREASE COAL IMPORTS
COALspot.com: The government of India has advised power utilities to increase coal imports to meet fuel shortages and those that have fuel supply p ...
Wednesday, 09 July 14
PANAMAX MARKET FINALLY CORRECTING UPWARDS; AVERAGE TC MORE THAN DOUBLING WEEK ON WEEK - INTERMODAL
The Dry Bulk market has closed off on Friday on a more positive note, with most segments noting weekly gains and the Panamax market finally correct ...
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Showing 3611 to 3615 news of total 6871 |
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- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- White Energy Company Limited
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Planning Commission, India
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
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