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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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Saturday, 28 July 12
CAL 2013 COAL SWAPS ARE HIGHER COMPARED TO SEPT 2012 PRICES
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for September 2012 delivery gain 0.47 percent on Friday (27 July 2012) closing DoD but lost 0.90 ...
Friday, 27 July 12
PACIFIC MARKET REMAINED FLAT - FEARNLEYS AS
Handy
The Atlantic market continued its downward trend from last week with what appears to be a summer lull across the board. A trip from the USG t ...
Wednesday, 25 July 12
BUKIT ASAMS H1 REVENUE JUMPED BY 13 PERCENT
COALspot.com - PT Bukit Asam (Persero), Tbk., the state owned coal miner's revenue in H1 2012, has jumped 13 percent to IDR 5.79 trillion (approxim ...
Wednesday, 25 July 12
BUMI RESOURCES MINERALS SECURED PINJAM PAKAI FOR ITS ZINC AND LEAD PROJECT
COALspot.com - PT Bumi Resources Minerals Tbk. ("BRMS" or "the Company") today reported that its 80% owned subsidiary, PT Dairi ...
Tuesday, 24 July 12
SHIP OWNERS WAITING FOR SHIP PRICES TO FALL FURTHER BEFORE MOVING IN MORE AGGRESSIVELY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the summer season already well under way and many ship owners getting ready for the autumn, the sale & purchasing activity of second hand v ...
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- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Marubeni Corporation - India
- GMR Energy Limited - India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- The University of Queensland
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
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