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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, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
Wednesday, 15 March 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
Over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the u ...
Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has be ...
Monday, 13 March 17
PORT OF NEWCASTLE HAS SHIPPED 11.563 MILLION TONS COAL IN FEBRUARY 2017; DECLINED 12.19 PERCENT M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,4 ...
Monday, 13 March 17
INDO - INDIA COAL FREIGHT RATES STAY FIRM
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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- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Planning Commission, India
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- PTC India Limited - India
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Interocean Group of Companies - India
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