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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, 03 March 17
U.S. WEEKLY COAL PRODUCTION ESTIMATED AT 15.7 MMST; DECLINE 6.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 02 March 17
ULTRAMAX: INDONESIA TO INDIA COAL ROUNDS IS BEING FIXED AT AROUND MID 11K BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
Holiday mode within Atlantic i.e. very few movements but rates remained still positive, mostly in the USG region where tight tonnage sup ...
Wednesday, 01 March 17
2017 IS LOOKING LIKE IT WILL BE A GOOD YEAR FOR A NUMBER OF COMMODITIES - LINOS KOGEVINAS
2017 is looking like it will be a good year for a number of commodities. Following the price recovery witnessed in 2016 across a number of commodit ...
Tuesday, 28 February 17
PORT OF NEWCASTLE SHIPPED 17.39% LESS COAL IN JANUARY; TRADE VALUE UP 11.87% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,625.6 M ...
Monday, 27 February 17
THE FREIGHT MARKET WAS FIRMED UP THIS PAST WEEK; BCI ROSE 57.64% W/W
COALspot.com: The Freight market was firmed up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk commod ...
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- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- PTC India Limited - India
- Bhatia International Limited - India
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Central Electricity Authority - India
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- ASAPP Information Group - India
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Planning Commission, India
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
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