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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, 08 December 16
STABLE OUTLOOK FOR GLOBAL MINING IN 2017 : FITCH
Fitch Ratings' sector and rating outlooks for the global mining industry in 2017 are both stable, reflecting Fitch's view that prices have ...
Thursday, 08 December 16
CHINESE COAL DEMAND WOULD BE THE KEY FACTOR THAT INFLUENCE WORLD COAL PRICES IN 2017, POLL
“WHAT ARE THE KEY FACTORS THAT MAY INFLUENCE WORLD'S COAL PRICES IN 2017?”
The on-line opinion poll conducted by COALspot.com ...
Thursday, 08 December 16
PANAMAX: THE FIRM TENDENCY CONTINUES IN BOTH HEMISPHERES - FEARNLEY
Supramax
Market remained firm - true mostly within Atlantic.
Star performer USG remained its title, where Supras reached around USD 21k ...
Wednesday, 07 December 16
SHIPPING MARKET INSIGHT - THEODOROS NTALAKOS
Looking back at my previous end-of-year insights, for the last seven years, in each and every one of them, I begin with something like “there ...
Wednesday, 07 December 16
U.S. COAL PRODUCTION IS FORECAST TO INCREASE BY 2% IN 2017 - EIA
U.S. Coal production in November 2016 was 70.7 million short tons (MMst), the third time this year monthly production exceeded 70 MMst, says EIA.
...
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- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Australian Coal Association
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- White Energy Company Limited
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
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