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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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Tuesday, 04 September 12
SHIP OWNERS' COMPETITION LEADS TO TANKER FIXTURES BELOW OPERATING COSTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners operating in the VLCC tanker markets are increasingly finding it difficult to obtain even breakeven rates for their vessels, as competit ...
Tuesday, 04 September 12
ORPHEUS SECURES ADDITIONAL SIGNIFICANT KINTAP COAL PROJECT IN SOUTH KALIMANTAN
COALspot.com - Indonesian coal producer, Orpheus Energy (ASX:OEG) has announced that it has secured a 50% equity ownership in an additional tenement ...
Sunday, 02 September 12
ADAROS COAL ROYALTIES TO THE GOVERNMENT INCREASED BY 10.5 PERCENT Y-O-Y TO US$196.8 MILLION
COALspot.com - PT Adaro Energy Tbk (IDX: ADRO), the second largest power plant coal producer in Indonesia, announced its consolidated auditor-review ...
Saturday, 01 September 12
FALLING PRICES; BLEEDING MINERS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery lost 4.070 percent and 0.422 percent respectively on W-o-W and D- ...
Saturday, 01 September 12
PANAMAX FREIGHT RATES UNDER PRESSURE FROM LOW DEMAND - VISTAAR
COALspot.com - This week the freight market was weak with mixed results.
The BDI was down by 1.95 pct closing at 703 points, however there was so ...
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- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Australian Coal Association
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Madhucon Powers Ltd - India
- PTC India Limited - India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- McConnell Dowell - Australia
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