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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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Friday, 04 July 14
PARAM MITRA COAL RESOURCES SECURES US$ 7.5M INVESTMENT FROM TEMBUSU PARTNERS
Param Mitra Coal Resources Pte Ltd (“PMCR”), which owns two operating coal mines in Indonesia, has secured from Singapore private equit ...
Thursday, 03 July 14
BUMI TRANSFERS 19% OF KPC STAKE VALUED AT US$ 950 MILLION TO CIC
COALspot.com: PT. Bumi Resources announces that 19% of its holdings in Kaltim Prima Coal (KPC), valued at US$ 950 million, has been transferred to ...
Thursday, 03 July 14
PANAMAX : IN THE ATLANTIC, OWNERS ARE WILLING TO FIX AT ABOUT $2.5K PER DAY - FEARNEYS
Handy
In its latest weekly report, shipbroker Fearneys noted that, this week seems to have been more of a wait and see game between owners and ch ...
Wednesday, 02 July 14
NEWMONT FILES FOR INTERNATIONAL ARBITRATION ON ORE EXPORT BAN - THE JAKARTA POST
PT Newmont Nusa Tenggara (NNT), a subsidiary of United States-based Newmont Corporation, has filed for international arbitration against the govern ...
Wednesday, 02 July 14
THE PANAMAX MARKET CONTINUED TO BLEED FOR ANOTHER WEEK - INTERMODAL
COALspot.com: The Dry Bulk market succumbed to mounting pressure this past week, while the Capesize market proved unable to “save the day&rdq ...
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- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- MS Steel International - UAE
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- The University of Queensland
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
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