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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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Saturday, 08 September 12
INDO INDIA ROUTE FREIGHT FOR SUPRAMAX REMAINS STRONG - CAPT. REDDY
COALspot.com - The freight market overall remained weak and except for cape index all other sectors were down. The biggest drop was in the Panamax s ...
Saturday, 08 September 12
RIO TINTO COMPLETES ACQUISITION OF BHP BILLITON'S INTERESTS IN RICHARDS BAY MINERALS
Rio Tinto has doubled its holding in Richards Bay Minerals (RBM) following the completion of its acquisition of BHP Billiton’s entire inte ...
Friday, 07 September 12
HBA GAINS $ 1.56 PER MT IN SEPTEMBER
COALspot.com - The Indonesian government’s declared coal reference price has gained US$ 1.56 per MT M-o-M. This is the first gain ...
Thursday, 06 September 12
SOME ANCHORED PANAMAX VESSELS WAITING FOR CARGOS TO COME
Handy
According to Fearnleys weekly report, in the smaller segments Fearnleys sees little to no changes since last week. There are still entering s ...
Thursday, 06 September 12
DRY BULK CARRIERS STILL IN HIGH DEMAND AMONG SHIP OWNERS, BUT NEWBUILDING ACTIVITY SLIDES IN AUGUST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The slide of the dry bulk market this year hasn't abated ship owners' appetite for dry bulk carriers, as evidenced by the steady interest expresse ...
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- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Aditya Birla Group - India
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
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