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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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Wednesday, 11 July 12
HBA DROPPED SHARPLY IN JULY
COALspot.com - Indonesian HBA fell to lowest level since September 2010 in July 2012. The monthly coal reference price for coal sales this mon ...
Wednesday, 11 July 12
SUB-BIT FOB INDONESIA COAL SWAP LOST $ 1.26 PER TON
COALspot.com - Sub-Bit FOB Indonesia Coal decline for a second day yesterday, according to SGX AsiaClear OTC Coal Swaps. The prices for shipments to ...
Tuesday, 10 July 12
DRY BULK MARKET RECORDS MODEST GAINS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched a bit higher on Monday, with the Baltic Dry Index (BDI) ending the session up by 5 points to 1,162. Most markets were hig ...
Saturday, 07 July 12
INDONESIA-JAPAN RELATIONS TURN SOUR - THE JAKARTA POST
The Jakarta Post, the one of the leading Indonesian English new papers reported that, Bilateral relations between Indonesia and Japan have recently ...
Saturday, 07 July 12
EXCESS SUPPLY & WEAK DEMAND KEEP COAL PRICES LOW
COALspot.com - SGX AsiaClear OTC Coal Swaps for August and Q4 deliveries slipped slightly this week. SGX’s Indonesian sub-bituminous coal swap ...
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- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Planning Commission, India
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- MS Steel International - UAE
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- The University of Queensland
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
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