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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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- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Planning Commission, India
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- White Energy Company Limited
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
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