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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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Thursday, 30 March 17
WHERE AN AGREEMENT FAILS TO DELIVER - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
Watson Farley & Williams acted for MRI Trading AG in a leading case on ‘agreements to agree’ that was fin ...
Thursday, 30 March 17
PANAMAX : ACTIVITY IN THE PANAMAX MARKET HAS INCREASED SUBSTANTIALLY IN BOTH HEMISPHERES - FEARNLEYS
Supramax
This week we were looking at prolonged activity from ECSA, mostly with grain cargoes to Far East and SE Asia, where Ultras to SE Asia fi ...
Thursday, 30 March 17
THE ROLE OF COAL IN THE ENERGY SUPPLY OF THE EU-28: HANS-WILHELM SCHIFFER
The European Union (EU-28) is one of the largest economies in the world, with a gross domestic product (GDP) of €14,635 billion in 2015. It ha ...
Wednesday, 29 March 17
MARKET INSIGHT - NASOS SOULAKIS
Shipowners will always look for market signals in order to gauge market perception and decide upon which strategy to follow next. And while owners ...
Monday, 27 March 17
THE FREIGHT MARKET CONTINUED TO FIRM WEEK OVER WEEK
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
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Showing 2086 to 2090 news of total 6871 |
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- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Australian Coal Association
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- VISA Power Limited - India
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- The University of Queensland
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Central Electricity Authority - India
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Planning Commission, India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
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