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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 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
Wednesday, 15 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
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- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- White Energy Company Limited
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Star Paper Mills Limited - India
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