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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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Wednesday, 02 July 14
HANDY BULKERS PROVE TO BE THE MOST SOUGHT AFTER VESSELS OVER THE PAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The Handy dry bulker proved to be the most sought after ship by ship owners active in the second hand market, which saw a slight decline in terms o ...
Wednesday, 02 July 14
SHIPPING: MARKET INSIGHT - GEORGE DERMATIS
After 6 months, 57 ministerial meetings and 67 political agreements, the journey of the Greek Presidency in the EU reached its end yesterday; only ...
Tuesday, 01 July 14
INDIAN POWER PLANT COAL STOCKPILES VERY LOW
COALspot.com: According to today's Weekly Dry Bulk Report published by Commodore Research, Indian power plant coal stockpiles have now fallen t ...
Monday, 30 June 14
SUB-BIT FOB INDONESIA COAL PRICES ARE STILL STRUGGLING TO RECOVER
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on week and on month according to AsiaClear OTC coal swap's reports release ...
Monday, 30 June 14
WEEKLY CFR SOUTH CHINA COAL SWAPS DECLINE CONTINUES; Q1'15 LOST US$ 4.55 PMT IN A WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 fell US$ 5.25 month on month on Friday, dipping under $69 a tone. The CFR South Ch ...
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Showing 3631 to 3635 news of total 6871 |
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- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
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