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Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
 The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry bulker shipbuilding. Adjusting for dwt, this would imply today $32m and $27.8m for 172kdwt and 150kdwt Capesize newbuilding, respectively. What a coincidence: in 1999 the 172kdwt Cape new buildings were placed for as low as $32m, while in 1986 the 150kdwt new buildings were placed for around $27m. All of the above are mentioned in nominal terms (not real dollars, ignoring inflation). It appears the $185/dwt is an intertemporal true (sub-)cost level for large dry bulkers.
The -once gigantic- dry bulk order book has been rapidly correcting itself. From its 2009 peak at 78% order book to fleet ratio, it is now constrained to 9% of the fleet, the lowest in 15 years. The dry bulk newbuilding slippage last year stood at 47%; in fact, the Kamsarmax newbuilding delivery rate was only 49%. While we currently face a strong wave of newbuilding deliveries (in January thus far we have 16 Capes, 26 Kamsarmaxes, 40 Ultras and 17 Handies delivered) due to the units queued/slipped from last year, we forecast that in 2017q2 the order book will stand at 6% of the fleet, which is the lowest on record.
In the meantime, at the other end of a vessel’s life, we witnessed about 8 Capesizes and 8 Panamaxes built after 2000 being scrapped during last year. The recent scrapping of a 2002 Panamax by China COSCO Shipping paves the way forward for additional 2000s tonnage to be demolished. The vast majority of these bulkers were scrapped from Chinese and Japanese Owners, a fact that we should praise (we also praise the relevant incentives for scrapping). The Sulphur cap together with the with IMO's recent ratification of Ballast Water Management convention will catalyze the accelerated scrapping over the next years. Thankfully, the overage (over 15-year-old) fleet is double the size of new buildings. The order book to vintage fleet ratio is especially attractive for Handy and Panamax newbuilding.
Order responsibly!
By Panos Tsilingiris
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 12 April 17
SHIPPING MARKET INSIGHT - VASSILIS VASSILIOU
The first quarter of 2017 started relatively busy for the ship repair sector, with most of the repair facilities being nearly fully occupied till t ...
Monday, 10 April 17
THE CAPE INDEX WAS DOWN BY 16.32% WEEK OVER WEEK
COALspot.com: The Freight market was steady week over a week except for Cape. The cape index was down 16.32 percent week over week.
The Baltic ...
Friday, 07 April 17
INDONESIAN GOVERNMENT DECLARED SPOT COAL PRICES STAGE FIRST INCREASE OF THE YEAR
COALspot.com: Indonesian government declared coal benchmark price rose slightly in April, government data showed.
The benchmark price of Indon ...
Friday, 07 April 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 06 April 17
PANAMAX: THE MARKET HAS CONTINUED THE FIRM SENTIMENT FROM LAST WEEK IN BOTH HEMISPHERES - FEARNLEYS
Supramax
With holidays in Asia, the week has started very slow in Pacific. Some fixtures have still been done and levels have remained quite stab ...
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- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Wilmar Investment Holdings
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
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