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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, 10 March 17
ESTIMATED U.S. COAL PRODUCTION ALMOST FLAT WEEK ENDED MARCH 4, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Friday, 10 March 17
THE 5TH PHILIPPINES POWER AND ELECTRICITY WEEK RETURNS WITH A UNIQUE FOCUS IN 2017
5th Annual Philippines Power & Electricity
18-21 July 2017
Solaire Resort & Casino,Manila, Philippines
http://www.philippinespowe ...
Thursday, 09 March 17
INDONESIAN COAL BENCHMARK PRICE DROPPED FOR A THIRD STRAIGHT MONTH IN MARCH, GOVERNMENT DATA SHOWED
COALspot.com: Indonesian government declared coal benchmark price dropped for a fourth straight month in March, government data showed. The ...
Wednesday, 08 March 17
THE FREIGHT MARKET TODAY PROVIDES MUCH MORE CONFIDENCE COMPARED TO LAST YEAR - TIMOS PAPADIMITRIOU
So what's all the fuss about? During the past five months SnP activity has being surging exponentially in the dry bulk sector. Buyers are looki ...
Monday, 06 March 17
THE FREIGHT MARKET WAS CONTINUING TO FIRM UP THIS PAST WEEK
COALspot.com: The Freight market was continuing to firm up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk com ...
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- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Minerals Council of Australia
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Planning Commission, India
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
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