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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 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
Wednesday, 08 February 17
MARKET INSIGHT - PANOS MAKRINOS
The challenges the oil market has witnessed since the end of 2014 has resulted in a crisis for the global offshore oil and gas exploration industry ...
Tuesday, 07 February 17
WE ARE STILL RIDING ON A WAVE OF MARKET IMPROVEMENT, WITH THE GLOBAL TRADE OF MOST COMMODITIES STILL SHOWING SIGNS OF IMPROVING GROWTH - GEORGE LAZARIDIS
The end of 2016 came with a rejuvenated sentiment amongst most traders and investors, in part through the sigh of relief that 2016 was finally comi ...
Monday, 06 February 17
AFTER MONTHS OF GAINS, THE INDONESIAN GOVERNMENT DECLARED MONTHLY COAL BENCHMARK PRICE IS STEADILY DROPPING
COALspot.com: Over the past two months, the HBA of Indonesian thermal coal has dropped around 18.06 percent. It sank to $ 83.32 per ton for Februar ...
Monday, 06 February 17
THE FREIGHT MARKET CONTINUED ITS DOWNFALL IN ALL SEGMENTS
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was declined in all segments week ending 27 January. The fall was cont ...
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- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- GMR Energy Limited - India
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Australian Coal Association
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
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