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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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- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
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