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Monday, 08 June 15
SHIPPING FLEET GROWTH HAS STARTED TO SLOW DOWN, AS NEWBUILDINGS AMOUNT TO JUST 329 SHIPS OF ALL TYPES SINCE THE START OF 2015 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 Challenging market conditions have led to the inevitable reconsideration of ship owners’ priorities. Uncertainty has been the norm over the past few months, most notably since the start of 2015, which is leading most owner to a complete overhaul of all aspects that impact the supply of tonnage. As such, scrapping activity and the reorganization of the newbuilding delivery programme have intensified over the past few months, leading to a hold back of the growth rate of the fleet.
Yet, according to Allied Shipbroking’s latest weekly report, “what will inevitably dictate the course of the market going forward will be the rate of new contracting that takes place, as even if we take steps to counter the effects of the current order-book, their effects are limited if we continue to see the number of vessels on order in-creasing or even holding at their current numbers”.
According to Mr. George Lazaridis, Head of Market Research & Asset Valuations with Allied Shipbroking, “to the dismay of the shipbuilding industry as a whole, new contracting has been consid-erably marginalised by shipowners and potential investors. New orders have slowed down to a trickle, with the latest figures pointing to a total of only 329 units of all ship types being ordered in the period between January and May. This is a serious reduction compared to previous years, showing a fall of 61.7% compared to the same period in 2014 and a 55.9% compared to 2013″.
Of course, as Lazaridis notes, “one may say however that this reduction, though considerable in size, might well be attributed solely to a lack in appetite for dry bulkers. This is partly true, with dry bulk orders dropping during this five month period by 78% compared to 2014 and by 70% compared to 2013. Nevertheless, the lowered appetite for new ordering has not been limited to just dry bulkers. Tankers, which have been showing off stellar results in terms of freight earnings this year, have not been able to generate investor interest for new orders to the extent that they had in the past”.
He added that “new contracts have dropped by 40.9% and 48.8% compared to 2014 and 2013 respectively. A point to note however, is that a large chunk of the dry bulk orders that have been switched during this year have been changed over to tanker orders, adding as such to the orderbook without the placing of “new” contracts so to speak. Another sector which has seen additions through the switching of dry bulk orders has been the containership sector, though here it seems that new contracts have been holding at a relatively better pace, falling short by only 26.5% compared to 2014 and 30.1% com-pared to 2013. Finally the Gas sectors, which have seen an extraordinary rebirth in the volume of new contracts being placed during the past 3-4 years, have also been met with scepticism during 2015. New orders here dropped by 69.4% and 55.2% compared to 2014 and 2013 respectively”.
So as we can tell it has been a very difficult year so far for shipbuilders. Lazaridis said that “the main question is as to what extent can this trend continue as we move forward? and with some sectors in the shipping industry showing good earnings results, what is holding poten-tial buyers back from placing new contracts? With the poor performance in the dry bulk market having had a considerable influence on all shipowners and with the global mar-kets struggling to show signs of more prosperous times ahead, it seems that most feel more comfortable to keep a conservative approach in regard to new contracting. At the same time secondhand asset prices have been viewed more favourably during the past five months as the discounts offered are considerable compared to the respective of-fered newbuilding prices. What’s more and as a final point, many potential buyers might well be waiting for further discounts to be offered down the line by shipbuilders, as pressure mounts for them to upkeep their orderbook alive” he concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Friday, 29 May 15
SOUTH KOREAN STATE-OWNED UTILITY KOREA MIDLAND POWER INVITES BIDS FOR 780K MT OF COAL FOR H2' 15
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 780K Metric Tons (MT) of HCV and LCV ...
Thursday, 28 May 15
TIMEBAR FOR DEMURRAGE CLAIMS - SKULD
KNOWLEDGE TO ELEVATE
English law has traditionally had a strict approach to contractually agreed time bars between commercial parties as well ...
Wednesday, 27 May 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
Earlier in the year I looked at how the market was reacting to the prolonged fall of the price of oil. Back then it was still unclear if the fallin ...
Tuesday, 26 May 15
HOW HAS THE DROP IN OIL PRICES AFFECTED OTHER COMMODITIES? - CLYDE & CO
KNOWLEDGE TO ELEVATE
The effects of the dramatic drop in the price of both Ice March Brent, the international oil marker, and its US counterpa ...
Tuesday, 26 May 15
MINING ASSOCIATION PERHAPI PUSHES FOR 35,000 MEGAWATT ELECTRICITY PROGRAM - JG
The Indonesian Mining Professionals Association, or Perhapi, has announced its support for a 35,000-megawatt national electricity program, saying i ...
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- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Australian Coal Association
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Indian Oil Corporation Limited
- White Energy Company Limited
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
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