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Friday, 20 July 12
HANDYSIZES PROVE RATHER ATTRACTIVE AMONG OTHER SHIPS, IN TERMS OF FUTURE RETURNS ON INVESTMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The Handysize segment of the dry bulk market appears to offer the best incentive among other ship types, for a ship owners to invest in, says Intermodal in a recent report. After all, the question on everyone’s lips these days appears to revolve around the timing of their investment on the market, as well as which type, size and age of vessel to buy. In the report, Intermodal noted that “we can look at the available historic data, and indicators to plan our strategy accordingly. We take the view that the investment should have adequate remaining life ahead to give its owners the required return. As far as the timing of the investment is concerned, one indicator is the forward ship supply at any given time, which is simply defined as the current fleet plus the orderbook at a specific point in time” said the report.
It added that in the Handysize sector, “the forward ship supply as of July 1st 2012 is less than what it was one year earlier by more than 50 vessels. Combined with the fact that 45% of the fleet is over 15 years old we believe that the supply in this segment has started shrinking and modern vessels or new buildings of this size may be more attractive than other sizes. Looking at the supramax size, we see that while the actual fleet grew by more than 300 vessels the past year the forward supply grew only by 50 vessels showing that the fleet is close to peaking and will soon start shrinking too.
In the panamax size, the existing fleet grew by 170 vessels the past year and the forward supply grew by around 80 vessels, confirming the fact that the panamax/kamsarmax supply has not peaked and the 650 vessels that are still on order will have a significant impact on the market. In the capesize segment we also have seen the forward supply contracting due to the depressed market leading to strong demolition activity” said Intermodal. It concluded its argument by asking the important question: “As we come out from the oversupply quicksand, the question is 'will the demand be there at the exit?”
In any case, prices are far lower than in 2008, prompting ship owners to examine their options. In a recent report, Golden Destiny noted that 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.
The shipbroker 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 concluded.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 28 September 12
DRY BULK SECOND HAND VESSELS ON HIGH DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the demise of the dry bulk market and the collapse of freight rates since the beginning of 2012, on the back of record breaking newbuilding ...
Thursday, 27 September 12
MINING RE-COMMENCES AT ORPHEUS' B2 EAST KALIMANTAN COAL PROJECT
- B2 project overburden removal completed and coal exposed
- Coal getting has commenced with target production of 30,000tpm
- Orpheus to re ...
Thursday, 27 September 12
HANDY: THE PACIFIC MARKET IS GETTING WEAKER WITH UPCOMING GOLDEN WEEK HOLIDAYS - FEARNLEYS AS
Handy
Yet another week with rates softening in all trades. Especially owners with ships open Continent struggle to find employment paying decent mo ...
Thursday, 27 September 12
DRY BULK MARKET LOSES STEAM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The rise of the BDI (Baltic Dry Index), the dry bulk industry’s benchmark during the course of the previous week, proved to be short-lived, as ...
Wednesday, 26 September 12
NEWBUILDING ORDERING ACTIVITY REMAINS SUBDUED ON GLOBAL MARKET UNCERTAINTY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Newbuilding ordering activity has been on the down side during the past few weeks, a trend also noticeable during the course of the past few days, a ...
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- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- The University of Queensland
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Deloitte Consulting - India
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
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