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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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Friday, 31 August 12
ADVERSE SHIPPING MARKET CONDITIONS SHORTENS LIFE SPAN OF VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The adverse conditions which have been put in place in the world's freight markets, means that ship owners are forced to scrap vessels of a much yo ...
Thursday, 30 August 12
INDO-INDIA, LARGE ECO SUPRA NOW FIXED AT USD 7K FOR DELIVERY SINGAPORE - FEARNLEYS AS
Handy
The Supra market continued its negative trend with little fresh business entering the market. Continent positions fixed around USD 4k for tri ...
Thursday, 30 August 12
DRY BULK MARKET STILL LOOKING OUT FOR BETTER DAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With things in China moving slowly this week, as a result of holidays, it’s no surprise that the latest positive trend in the dry bulk market ...
Wednesday, 29 August 12
COLOMBIA'S MINING BOOM: PART TWO - JOSEPH KIRSCHKE
One of the most prominent casualties of Canada's entry into the Colombian mining sector has been a priest named Jose Reynal-Restrepo. Last Septembe ...
Wednesday, 29 August 12
COLOMBIA'S MINING BOOM: PART ONE - JOSEPH KIRSCHKE
COALspot.com - Colombia stands before one of the potentially largest, most diversified mining booms in the world. Untold reserves of gold, coal, cop ...
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- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Economic Council, Georgia
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- PTC India Limited - India
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
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