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Wednesday, 18 July 12
SHIP PRICES HAVE FALLEN RAPIDLY THIS YEAR, FAVORING INVESTORS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The price for a 5 year old Capesize dry bulk carrier of 172,000 dwt has fallen to about $33,4mil from $42.9 at the end of June 2011, while at end of June 2008 was more than $153 million. This comes to show how much ship prices have fallen in the past few years, which favors new investors in the business. On the other hand, it has caused major headaches among existing ship owners, especially those who invested at the end of the growth cycle, i.e. during the 2007-2008 period. They are now facing huge problems, as they have to provide added collaterals on bank who financed the purchase of those vessels. It's also one of the reasons that banks are reluctant to lend again to the shipping industry, which has been deemed as a risky one, as a result of these past "extravagance" of prices. This has caused some banks to become ship owners these days.
In its latest biannual report, Piraeus-based Golden Destiny noted that second hand vessel prices have plunged during the first half of 2012, mainly in the large sized segments, i.e. the Capesize and the Panamax one. In the panamax market, data from the Baltic Exchange shows that a 5 year old vessel of 52,000 dwt is now worth about $22 million, from $27.5 million at the end of June of 2011, while at the end of June of 2008, the cost for the same ship was more than $75 million.
The report also noted that "in the newbuilding market, similar sharp declines in prices offered by major yards are viewed with investors being more conservative in the placement of new contracts as the instability of the freight market and the challenge of oversupply with upcoming deliveries are creating uncertainty for strong newbuilding investments. A capesize unit of 186,300 dwt reported on order in February this year at Shanghai Waigaoqiao of China for a price in the region of $49,8mil, while at the end of May 2008, a capesize unit of 176,000 dwt had been reported on order at Chinese yard, Zhoushan Jinhawaian for a price about $88,5million" it noted.
This is one of the main reasons why ship owners have invested a fair amount of money in second hand vessel purchases during the first six months of the year, with a total of $6.1 billion for 555 vessels, despite the fall in freight rates. According to the report, second quarter buys were up 24% since the first quarter, while in total the first half of 2012 showed a decline of 9% compared to the same period of 2011, which is a remarkable feat, when considering the global economy uncertainty, the oversupply of tonnage in dry bulk and most other shipping markets and the lack of financing especially in Western Europe.
According to Golden Destiny, dry bulk carriers and tankers accounted for 33% and 26% of the total investment, while containers and liners follow with a 14% and 11% share respectively of the total S&P activity. The bulk carrier, gas tanker and container segments have shown a sharp revival in the volume of vessels reported to have changed hands from the previous quarter with a 31%, 44% and 39% increase respectively. The total amount of money invested for secondhand units this year is lower than the first half of 2011, 43% down, when 610 vessels had been reported to have changed hands at more than $10.7bn, with 103 sale and purchase transactions at an undisclosed sale price. The bulk carrier segment has shown a 31% increase with a total 105 vessels reported to have changed hands during April-June 2012 from 80 vessels in the first three months of the year, while a total of 185 vessels reported sold during the first half of the year at a total invested capital of more than $2.5bn, 11 sale and purchase transactions reported at an undisclosed contract price. “Amid the severe freight market status with capesizes struggling to cover their operating expenses and BDI crawling to remain above 1,000 points, investors haven’t lost their buying appetite by slowing their secondhand purchases only 6% down from the first half of 2011, when 196 bulk carriers changed hands at a total invested capital of more than $3.4billlion. The bulk carrier segment is the segment that posed the least downfall among other vessel categories in the purchase of secondhand units compared with the first half of 2011.
Sources: Nikos Roussanoglou, Hellenic Shipping
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Monday, 06 August 12
3RD ANNUAL INDONESIA POWER
Press Release - 3rd Annual Indonesia Power is Indonesia’s premier power event, where commercial opportunities and new projects are identified. ...
Monday, 06 August 12
COAL EXPORTS COULD ADD $2B TO $6B ANNUALLY TO U.S. ECONOMY - HELLENIC SHIPPING
Business groups backing Pacific Northwest coal export proposals on Thursday lauded a new report that claims increased U.S. coal exports could bring ...
Sunday, 05 August 12
SUB-BIT INDONESIA COAL SWAPS ARE WAY UP
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for September 2012 delivery gain 1.36 percent on Friday (3 August 2012) closing W-o-W but gained& ...
Sunday, 05 August 12
INDONESIA'S ADARO TRIMS PRODUCTION FORECAST, CITES BAD ECONOMY - THE JAKARTA GLOBE
The Jakarta globe reported that, Adaro Energy, the country’s second-largest coal producer, has cut its annual production forecast to between ...
Sunday, 05 August 12
DRY BULK FREIGHT MARKET TO STAY WEAK NEXT COUPLE OF WEEKS - VISTAAR
COALspot.com - The freight market continued to soften further in all segments.
The BDI was down by 8.68 pct closing at 852 points. The cape index ...
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- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
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- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- London Commodity Brokers - England
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
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