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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, 25 August 12
INDONESIAN COAL SWAP REMAINS STABLE AT LOW LEVEL
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery gain 0.804 percent W-o-W on Friday (24 August 2012) closing but lost 0. ...
Thursday, 23 August 12
INDONESIA-INDIA, LARGE ECO SUPRA FIXED AT USD 6K FOR DELIVERY SOUTH CHINA - FEARNLEYS AS
Handy
The market continued the same trend as last week, low activity and holidays in some countries.
Rate wise unchanged, with US Gulf/Continent ...
Thursday, 23 August 12
EGCO GROUP EXPANDS TOWARDS INTEGRATED ENERGY BUSINESS WITH INVESTMENT IN INDONESIAS COAL MINE
Electricity Generating Public Company Limited or EGCO Group, the Thailand’s first Independent Power Producer has continually invaded foreign m ...
Thursday, 23 August 12
EGCO GROUP ANNOUNCES 2 BILLION BAHT PROFITS IN Q2/2012
Successfully Establishes Integrated Energy Business and Strengthen Investments in ASEAN
Mr. Sahust Pratuknukul, President of Electri ...
Monday, 20 August 12
CHINESE COAL SWAPS RISE, INDONESIAN COAL CONTRACTS SOFT
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery lost -2.05 percent W-o-W on Friday (17 August 2012) closing but gained ...
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- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Minerals Council of Australia
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- PTC India Limited - India
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
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