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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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Wednesday, 29 August 12
SECOND HAND VESSELS IN HIGH DEMAND DESPITE SUMMER SEASON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite the slow summer season, ship owners appear to be rather keen in acquiring some modern second hand tonnage at "knock-down" prices. ...
Monday, 27 August 12
BUMI BOOKS $322.1 MILLION NET LOSS IN 1H 2012 IN SPITE OF 8.6 PERCENT INCREASE IN SALES REVENUE
PT Bumi Resources Tbk, the single largest coal producer and exporter in Indonesia announces its first half financial report for the ...
Monday, 27 August 12
OVER 200 FOREIGN COMPANIES AND ENERGY MAJORS EXPECTED AT 2ND MOGP SUMMIT IN YANGON
Singapore based CMT and Machinery & Solutions Co. Ltd (M&S) announce that the 2nd MOGP Summit will be held on 3-6 September at the Sedona ho ...
Sunday, 26 August 12
SOUTH AFRICAN COAL OVERVIEW
South Africa's indigenous energy resource base is dominated by coal.
Internationally, coal is the most widely used primary fuel, accounting for ...
Saturday, 25 August 12
FREIGHT RATES ARE EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - This week the indices showed some signs of improvement will all the segments moving up except for the handy size.
The BDI was marg ...
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- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
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