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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, 23 December 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 711.1 MMST; DOWN 18.5% Y/Y - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 22 December 16
INDONESIA LACK OF EXPORT TO INDIA THIS WEEK - FERNLEYS
Supramax
While the Atlantic is keeping up with rates, the Pacific has been weaker says Astrup Fernley.
According to Astrup Fernley, backhaul ...
Wednesday, 21 December 16
THE SUPREME COURT DECISION IN OW BUNKERS - WHEN A SALE OF GOODS IS NOT A SALE OF GOODS - LEON ALEXANDER, CLYDE&CO
KNOWLEDGE TO ELEVATE
In May 2016 the Supreme Court of England & Wales gave judgment in an OW Bunkers test case entitled "Res Cogitans ...
Wednesday, 21 December 16
CLEANING THE OCEANS FROM PLASTIC - SOPHIE COTZIAS
2016 is coming to a close and it finds us in preparation for the 2017 enforcement of the Ballast Water Treatment Systems. We naturally are in thoug ...
Tuesday, 20 December 16
TRADE HAS FELT ITS BUMPS AND SHAKES THIS YEAR - GEORGE LAZARIDIS
Trade has felt its bumps and shakes this year, as growing populist protectionist and nationalist movements in the Western world start to take hold. ...
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- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- The University of Queensland
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
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