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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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Monday, 10 September 12
TNPL, AN INDIAN PAPER MAKER IS SEEKING FOR 300K MT OF IMPORTED NON-COKING COAL
COALspot.com - Tamil Nadu Newsprint & Papers Ltd. , an Indian paper maker, is seeking 300,000 metric tons ± 5% (In 6 Shipments about 50,0 ...
Monday, 10 September 12
DRY BULK MARKET SLOWLY BUT SURELY REACHING CRITICAL STATUS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The radical consequences of the shifts in dry bulk demand and prices, especially for the most sought after commodity, concerning the industry, i.e. ...
Monday, 10 September 12
ORPHEUS ENERGY SECURES INDONESIAN COAL TRADING LICENSE
COALspot.com - Indonesian coal producer, Orpheus Energy (ASX:OEG) has announced today that the Indonesian Ministry of Energy and Mineral Resources h ...
Monday, 10 September 12
A SNAPSHOT ON THE ECONOMIC AND SHIPPING ENVIRONMENT - GOLDEN DESTINY / HELLENIC SHIPPING
The European Central Bank left its interest rate unchanged at 0.75% focusing on pushing down borrowing costs in troubled economies, Spain and Italy. ...
Sunday, 09 September 12
H213 SUB-BIT FOB INDONESIA COAL SWAPS ARE TRADING HIGHER
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery lost 0.14 percent W-O-W on 7 September 2012, Friday closing but gained ...
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- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
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