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