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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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Thursday, 20 September 12
DRY BULK INCHES FORWARD AFTER WEEKS OF BELOW PAR PERFORMANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has started to revive from its ashed, as the past couple of days, traders have reported an increased activity from China, result ...
Wednesday, 19 September 12
CHURCHILL STRENGTHENS LITIGATION TEAM WITH APPOINTMENT OF NICHOLAS SMITH AS MANAGING DIRECTOR
COALspot.com - Churchill Mining PLC (AIM: CHL) has announced that, Mr Nicholas Smith has joined the board of the Company and has been appointed as t ...
Wednesday, 19 September 12
DRY BULK TERMINALS SINGAPORE
Press Release - Dry bulk terminals are used all around the world to handle large quantities of bulk materials, like minerals, grains, etc. In today& ...
Tuesday, 18 September 12
JORC CODE REVISION - EXPOSURE DRAFT RELEASED FOR COMMENT
COALspot.com - The Australasian Joint Ore Reserves Committee (JORC) has today released for public comment the exposure draft of the JORC Code (2012) ...
Monday, 17 September 12
YEAR TO DATE, BUMA PRODUCED 231.1 MILLION BCM OF OVERBURDEN
COALspot.com - PT. Delta Dunia Makmur Tbk has removed 31.5 million bcm (+6.0 percent YoY) overburden in August 2012 totaled 31.5 million bcm ( ...
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- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- The University of Queensland
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- PTC India Limited - India
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- VISA Power Limited - India
- MS Steel International - UAE
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
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