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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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Saturday, 14 July 12
FREIGHT MARKET SEEMS TO BE QUITE VOLATILE - VISTAAR
COALspot.com - The market seems to be quite volatile with the trend changing almost every week. This week all the segments were down except for Pana ...
Friday, 13 July 12
TRANSCOAL MINERGY HAS RECEIVED PMA STATUS IN INDONESIA
COALspot.com - PT Transcoal Minergy (“TCM”) has received official foreign owned company status from the Capital Investment Coordinating ...
Thursday, 12 July 12
LACK OF CAPESIZE DEMAND DRAGS DRY BULK MARKET LOWER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lack of demand for the larger Capesize dry bulk carriers had as a result the fall of the industry’s benchmark, the BDI (Baltic Dry Index), w ...
Thursday, 12 July 12
RIO TINTO'S SENIOR MANAGEMENT CHANGES
COALspot.com - Rio Tinto is making changes to its senior management team as chief financial officer (CFO) Guy Elliott has decided to retire at the e ...
Thursday, 12 July 12
SOUTHGOBI RESOURCES ANNOUNCES NOTICE OF INVESTMENT DISPUTE FILED AGAINST MONGOLIAN GOVERNMENT
Press Release - SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi”) announced today that SGQ Coal Investment Pte. Ltd., a wholly ...
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- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- VISA Power Limited - India
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Planning Commission, India
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
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