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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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Friday, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
Friday, 24 March 17
U.S COAL PRODUCTION ESTIMATE DECLINE 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.1 million short tons ...
Thursday, 23 March 17
CAPESIZE: TAKING A BREATHER AFTER RALLYING - BUT OUTLOOK FOR WEEKS TO COME NOT SCARY - FEARNLEYS
Supramax
In the Pacific the market seems somewhat slower this week, although healthy rates still being achieved said Fearnleys in its latest week ...
Thursday, 23 March 17
KOREA MIDLAND POWER COMPANY LIMITED INVITES BIDS FOR TOTAL 4.77 MILLION TONS OF BITUMINOUS COAL FOR ITS BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 2,090,000 Metric Tons of Bituminous coal f ...
Wednesday, 22 March 17
THE DRY BULK MARKET HAS UNDOUBTEDLY REBOUNDED SINCE THE SAME PERIOD LAST YEAR - KONSTANTINOS KONTOMICHIS
The Dry Bulk market has undoubtedly rebounded since the same period last year and currently enjoys healthier freight rates. The positive reversal i ...
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Showing 2091 to 2095 news of total 6871 |
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- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- The University of Queensland
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
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