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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, 18 August 12
BULK FREIGHT MARKETS CONTINUED THEIR DECLINE IN LINE WITH WEAK DEMAND - VISTAAR
COALspot.com - This week also the indices fell on all segments with BDI touching lowest in almost 3 years.
The BDI closed at 714 points down by 7 ...
Thursday, 16 August 12
PUBLIC PRIVATE PARTNERSHIPS CONFERENCE 2012
Press Release - Asia’s Premier Public Private Partnerships Conference 2012 will showcase commercial opportunities for investors and developers ...
Wednesday, 15 August 12
UT GENERATED RP 3.09 TRILLION NET INCOME
COALspot.com - As of June 2012 Indonesia’s heavy equipment market grew 14%, from 8,448 units to 9,618 units (based on UT’s internal mark ...
Tuesday, 14 August 12
SAKARI ENTERED INTO JV IN CAMBODIA TO EXPLORE COAL OPPORTUNITIES
COALspot.com - Sakari joints hands with The Royal Group of Companies in Cambodia to explore and develop coal opportunities throughout the country.
...
Tuesday, 14 August 12
SAKARI SIGNS HEADS OF AGREEMENT TO ACQUIRE SIX COAL CONCESSIONS IN INDONESIA
COALspot.com - Sakari has signed a Heads of Agreement (HOA) to acquire a 100% interest in up to six IUPs, covering an area of over 29,000 hectares, ...
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- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- The University of Queensland
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