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