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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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Tuesday, 21 March 17
DESPITE THE CHALLENGING MARKET SITUATION IN 2016 THE DELTA DUNIA MAKMUR HAS ACHIEVED A NET PROFIT OF US$37 MILLION
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the period ended December 31, 2016.
Despite challenging marke ...
Tuesday, 21 March 17
JAPAN'S RENEWED COMMITMENT TO COAL - BENJAMIN SPORTON
Japan is one of the largest economies in the world, and has long been a major consumer and importer of energy and a leader in energy technology dev ...
Monday, 20 March 17
IS THE DRY BULK INDUSTRY STILL ON TRACK FOR PROFITABILITY IN 2019? - PETER SAND
The industry remains well on target for profitable freight rates in 2019! This relies however, on the projected fleet supply growth rate of 0% in 2 ...
Friday, 17 March 17
U.S WEEKLY COAL OUTPUT VOLUME SLIDES 6.5 PERCENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ton ...
Thursday, 16 March 17
CHINA IMPOSING TOUGHER CONTROLS ON LOW-QUALITY COAL IMPORTS
China is ramping up controls on imports of low-quality coal due to concerns about smog and overcapacity in the world’s top coal consumer, a g ...
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- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Ministry of Mines - Canada
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
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