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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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Thursday, 13 September 12
PANAMAX: THE NEGATIVE TREND, POOR SENTIMENT CONTINUES - FEARNLEYS AS
Handy
Lack of cargoes and a growing list of available ships is causing rates to slip for all Atlantic trades.
The only trade keeping somewhat s ...
Thursday, 13 September 12
FUEL EFFICIENT SHIPS MAY BE MORE EXPENSIVE, BUT THEY MAKE FINANCIAL SENSE SAYS ANALYSIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest trend in shipbuilding is the so called "Eco" ship, i.e. ships which offer much better fuel consumption and are more cost-effect ...
Wednesday, 12 September 12
INDIAS COALGATE: TIME FOR A ROOT CANAL
A recent report from India’s Comptroller and Auditor General (CAG) pertaining to the allocation of coal blocks has created a political storm i ...
Tuesday, 11 September 12
CLOUDY AND POLICY RISK INDONESIAN COAL INDUSTRY
COALspot.com - Bahana Securities in its latest coal outlook, commented on the Indonesian coal market, with economic slowdown in the four largest coa ...
Tuesday, 11 September 12
SHIP OWNERS KEEN ON SECOND HAND VESSEL PURCHASES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With most ship owners back from their summer rest, things are starting to pick up again in the second hand vessel market, with more and more deals b ...
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- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Economic Council, Georgia
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
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