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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 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
Friday, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
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- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Australian Coal Association
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
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