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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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Thursday, 05 January 17
CAPE MARKET HAVE KEPT SURPRISINGLY FIRM AND ACTIVE DURING THE CHRISTMAS AND NEW YEAR HOLIDAYS - FEARNLEYS
Supramax
The first week after a slow Christmas break has started off with little activity and softening rates. Not surprisingly, the market is fi ...
Thursday, 05 January 17
COMPARISON OF HONG KONG AND LONDON ARBITRATION - SKULD
KNOWLEDGE TO ELEVATE
Whilst London arbitration is the most popular platform for resolution of charterparty disputes, where the parties involved a ...
Wednesday, 04 January 17
INDONESIA'S COAL PRODUCTION IS ESTIMATED TO REACH 434 MILLION TONS IN 2016 EXCEEDED THE GOVERNMENT'S INITIAL TARGET
Indonesia's coal production is estimated to reach 434 million tons in 2016 exceeded the government's initial target. The Ministry of Energy ...
Tuesday, 03 January 17
BENGKULU TO IMPOSE TOUGHER REGULATION FOR UNPROCESSED COAL AND MINERALS EXPORTS IN 2017 - MEDIA
Bengkulu provincial government is planning to impose tougher regulation for export of coal and mineral in 2017. According to liputan6 online portal ...
Monday, 02 January 17
PORT OF NEWCASTLE SHIPPED 13.62 MMT OF COAL IN NOVEMBER; UP 4.18% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,201 Mil ...
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- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- The University of Queensland
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
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