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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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Friday, 03 August 12
INDIA - LIGHTS OUT! - SALVA
The Indian power sector hit global headlines this week for all the wrong reasons. Firstly, on Monday, over 350 million people lost power across nort ...
Thursday, 02 August 12
OIL & GAS COMPANIES TO MEET IN MYANMAR FOR UPDATES ON NEW ROUND OF BIDDING AND INVESTMENT POTENTIAL IN UPSTREAM OIL, GAS, AND POWER GENERATION
Press Release - 2nd MOGP Summit (Myanmar Oil, Gas & Power) will convene in Yangon from 3 – 6 September 2012, to unveil new round of biddin ...
Thursday, 02 August 12
DRY BULK MARKET RATES CONTINUE SLUMP AMID SLOWER DEMAND NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on its downward path Wednesday, as the BDI (Baltic Dry Index) kept retreating to new lows. The index was down by 2.12 perce ...
Monday, 30 July 12
DRY BULK MARKET TO REMAIN UNDER PRESSURE FOR THE REST OF 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In an interview with Hellenic Shipping News Worldwide, Mr. Yannis Pachoulis, President of the Hellenic Shipbrokers' Association, remains cautiously ...
Sunday, 29 July 12
FREIGHT MARKET MOMENTUM CONTINUES TO WEAK
COALspot.com - The freight market continued to soft this week with all the segments dropped and the BDI fell below 1,000 points and closed at 933 po ...
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- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
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