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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, 20 January 17
U.S. WEEKLY COAL OUTPUT ESTIMATED 15.7 MMST; UP 14.1% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 19 January 17
KOREAN POWER UTILITY BORYEONG POWER TO IMPORT 660K TONS OF BITUMINOUS COAL FOR MARCH 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 590,000 Metric Tons of Bituminous coal and 7000 ...
Thursday, 19 January 17
PANAMAX RATES ARE UNDER PRESSURE IN BOTH HEMISPHERES - FEARNLEYS
Supramax
The market remained flat and the week continued at the same pace as last.
According to Fearnleys weekly dry bulk report, still more ...
Wednesday, 18 January 17
TANKER: THE CLEAN PRODUCT MARKET IS STILL NOT GIVING US ANY CLEAR SIGNS OF RECOVERY - GEORGE VASTARDIS
While we are approaching the Chinese New Year, the Clean Product market is still not giving us any clear signs of recovery, especially on The East ...
Monday, 16 January 17
WHY THE SOLUTION TO INDIA'S ENERGY CHALLENGE LIES IN COAL POWER PLANTS - BENJAMIN SPORTON
India’s huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for t ...
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- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Planning Commission, India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
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