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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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Tuesday, 04 September 12
SHIP OWNERS' COMPETITION LEADS TO TANKER FIXTURES BELOW OPERATING COSTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners operating in the VLCC tanker markets are increasingly finding it difficult to obtain even breakeven rates for their vessels, as competit ...
Tuesday, 04 September 12
ORPHEUS SECURES ADDITIONAL SIGNIFICANT KINTAP COAL PROJECT IN SOUTH KALIMANTAN
COALspot.com - Indonesian coal producer, Orpheus Energy (ASX:OEG) has announced that it has secured a 50% equity ownership in an additional tenement ...
Monday, 03 September 12
SHIPOWNERS TO WAIT FOR FURTHER PRICE REDUCTIONS IN THE SECOND HAND VESSEL MARKETS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With September now upon us, shipbrokers are looking towards an interesting winter season, as ship owners are looking to capitalize on more second ha ...
Sunday, 02 September 12
ADAROS COAL ROYALTIES TO THE GOVERNMENT INCREASED BY 10.5 PERCENT Y-O-Y TO US$196.8 MILLION
COALspot.com - PT Adaro Energy Tbk (IDX: ADRO), the second largest power plant coal producer in Indonesia, announced its consolidated auditor-review ...
Saturday, 01 September 12
FALLING PRICES; BLEEDING MINERS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery lost 4.070 percent and 0.422 percent respectively on W-o-W and D- ...
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- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Planning Commission, India
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- The University of Queensland
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
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