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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 hand vessel deals, as prices keep on tumbling. Still, according to the latest report from Piraeus-based shipbroker Intermodal, many ship owners will probably wait for further prices reductions. In a note written by Spyros Stavropoulos, "the sale of M/V 'Akiba' 58k 2011 blt STX Korea which was sold for rgn $ 7.5m has set a new market low, however this price reflects the damage the vessel had sustained and the subsequent repairs that will be required. Estimates of repair costs are heard to be close to $ 20m, which are likely to be exaggerated; the buyers clearly saw an opportunity and seized it.
Despite reductions noted in vessel prices, freight rates for dry bulk cargo still remain at very low levels and even though the secondhand market is currently attractive for shipowners, no one can be sure how long-term their investment will be and when will rates pick up to allow positive returns to begin to appear on shipowners' profit and loss statements.
The values of vessels in comparison to the current market rates are still not in line and should in fact be lower. A potential further drop in prices may very well be worth waiting for. It is believed by many people in the Shipping world that the next coming months leading up to next summer, will be crucial for the Shipping industry. 1Q2013 is expected to have a significant growth in the supply of vessels and only time will tell whether demand will be able to keep up and in combination with firm demolition volume, lead to better market conditions and better returns for shipowners who are ready to move now" Stavropoulos said.
He added that "the fact that demolition has been so bullish, has undoubtedly helped the market breath, as tonnage continues to pour into scrapyards in the Indian subcontinent, unlike Chinese shipbreakers’ yards which have been struggling to compete (e.g low $ 400's/ldt in comparison with $ 290/ldt respectively). The fact of the matter is whether steel demand will continue to remain firm, as we will need considerably more demolition to take place throughout 2013.
It is important to also stress out that the lack of debt and equity finance will also further affect asset prices, but also lead to further opportunities emerging for asset players.
Shipyards are a good example in regards to the effect of lack of finance, with only a handful recording profits for 2011-2012. This has resulted in more attractive N/B prices and distressed resales. Newbuilding orders have been scarce with a focus only on Specialized vessels segments such as Gas carriers and Offshore vessels, while for bulkers it has centered around new eco-designs. Having said all the above, it appears that we may have an intriguing winter ahead of us", he concluded.
Meanwhile, according to the latest weekly report from Golden Destiny, "the depressed freight market status in the dry bulk and tanker segments continues to lead in a constant decline of asset prices with Baltic Sale & Purchase Assessment recording tremendous downward revisions from last year’s levels. In the tanker segment, a 5yrs old VLCC is now estimated at a price in the region of $56 mil from about $75mil at the end of August 2011, a 5yrs old aframax unit is estimated at about $28,5mil from $37,8mil and a 5yrs old MR unit is estimated at about $22,2mil from $28,6mil. In the bulk carrier segment, a 5yrs old capesize unit is now estimated at a price in the region of $31,5mil from $39mil, a 5yrs old panamax unit is estimated at region $21,8mil from about $30mil and a 5yrs old supramax unit is estimated at about $20,5mil from about $26mil. Large sized vessels in the dry and tanker segments have experienced a sharper downward corrections compared to MR tanker and dry bulk supramax vessels with crude carrier vessel types not being in the frontline of investors’ preference" said the shipbroker.
It added that "in the dry bulk segment, some capesize units of more than 15yrs old seem to be potential sale candidates at excessive discounted sold prices that are nearing to scrap price levels. This week, a unit of 151,439dwt built 1994 China reported sold for a price in the region of $8mil, when in April of 2007 the same vessel had been bought for $63,5mil. In November of 2011, a capesize unit of 151,102dwt built 1994 Japan was reported sold for about $15,5million.
Overall, 14 vessels reported to have changed hands this week at a total invested capital in the region of US$ 105,85 mil, 2 deals reported at an undisclosed sale price, with bulk carriers and tankers holding 64% of the total S&P activity. In terms of the reported number of transactions, the S&P activity is down by 44% from last week’s activity with 50% lower dry bulk carrier purchases, while is up by 55% comparable with previous year’s weekly S&P activity, when 9 vessels induced buyers’ interest at a total invested capital of about $162 million, with 88% buyers’ interest in bulk carrier and tanker purchases. In terms of invested capital, the bulk segment appears the most overweight by attracting about 52% of the total amount invested through the purchase of 5 vessels, 1 capesize, 1 panamax, 1 supramax and 2 handysizes" the report concluded.
Source: Nikos Roussanoglou, Hellenic Shipping
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Sunday, 16 September 12
GLOBAL LOW DEMAND ; INDONESIA COAL AND CFR SOUTH CHINA COAL SWAPS DIP
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for November 2012 delivery lost 1.345 percent W-O-W on Friday, 14 September 2012, closing but gai ...
Sunday, 16 September 12
THE FREIGHT RATES FROM INDONESIA TO INDIA EXPECTED TO BE STEADY - VISTAAR
COALspot.com - The freight market was mixed with most indices closing positive except for the Panamax index.
The main sentiment seems to be ...
Saturday, 15 September 12
FINANCE MINISTRY OPPOSES TAX INCENTIVE PLAN FOR COAL MINERS - JP
The Jakarta Post reported that, the Finance Ministry has turned down the idea of providing a fiscal incentive to the country’s coal mining ind ...
Friday, 14 September 12
DRY BULK MARKET LOOKS TOWARDS CHINA FOR SOME POSITIVE NEWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the dry bulk market freight rates submerged underwater for a large part of the year, dry bulk owners are looking for some positive enhancement ...
Friday, 14 September 12
GOVT OFFERS CONDITIONAL TAX HOLIDAY TO AILING COAL MINERS - JP
The Jakarta Post, one of the leading English news paper in Indonesia reported that, acknowledging difficulties encountered by coal miners due to a p ...
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- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- McConnell Dowell - Australia
- Planning Commission, India
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Australian Coal Association
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
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