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Monday, 21 January 13
PANAMAX DRY BULK CARRIERS AND AFRAMAX TANKERS PROVED TO BE THE "WEAPON OF CHOICE" FOR MOST SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 With ship financing getting ever so difficult to procure during the past year or so, ship owners had to get creative in order to persuade banks and other financing firms to invest in them and their good judgement when it comes to choosing the best available deal. As a result, 2012 bore witness to several prominent shipping entities teaming up with powerful players from the financial scene in order to back their purchasing efforts with the use of the more liquid US money markets. Intermodal's latest weekly report asked the question of "how could ship owners have generated sufficient interest towards such a highly cyclical and volatile industry during such times of uncertainty?"
According to Intermodal's Christos Mantzios, "one answer could possibly be the close to historical lows asset prices, thus reducing substantially the cost of acquiring such an asset and therefore making the entry into said market a more viable possibility from a medium-term investment perspective.
Although the market entry point for both the dry bulk and tanker assets is at relatively low levels, the “bottom of the barrel scrapping” charter rates experienced throughout 2012, as well as the poor market fundamentals for 2013 (daunting overcapacity), should have caused most of these major financial players to show a preference in the tanker market which showed more promise during 4Q2012. This revived strength in the tanker market (dirty during 3Q and clean during 4Q) was epitomised by the fresh wave of new ordering at S.Korean yards by major market players such as BP (Aframax , Suezmax), Sinokor (MR) and US-listed Scorpio Tankers (MR) towards the end of the year. But if the current state of the dry bulk market was so bad, why the increased interest in Panamax bulkers? In 2012 Panamax bulkers accounted for 26% of all dry bulk SnP deals, compared to only 19% in 2011. At the same time the majority of these involved older aged units (10-15year old) which seemed to also show the strongest drop in prices. This generated a strong appetite for Panamax tonnage, especially amongst Greek owners, pushing for en masse acquisitions of the numerous available Japanese candidates built in the 1996-2002 bracket" said Mantzios.
He added that "buyers have on their side the fact that asset prices for both Panamax bulkers and Aframax tankers are close to their historical lows. The value of a 5 year old Panamax bulker currently stands at approximately USD 17.5mill, a far cry from the USD 26-27mill required a year ago..... For a 10 year old vessel the figure is around USD 12-12.5mill and for a 15 year old its less than USD 10mill.. That is a substantial difference from Nov 2011 when the price for a 10 year old Panamax stood at USD 21mil. Of course, back in Nov 2011 such a vessel was seeing earnings in the region of USD 13,000-14,000/day compared with USD 8,000/day currently seen for 1 year TC. This may well be part of the explanation as to why prices have eroded over the past year, but it’s important to also note that the replacement cost (newbuilding price) for such a vessel back then was in the region of USD 29mill, while it now stands at around USD 25,5mill. Therefore it has started to make much more sense today to buy a 10 year old Panamax bulker then placing an new order compared to roughly a year ago where a 10 year old Panamax bulker was equal to 70% of the then price of a newbuilding (comparably this same percentage is now 46.6%)" he said.
Intermodal's analysis also indicated that "on the Aframax front the explanation could be slightly different due to the fact that a 10 year old vessel was worth USD 20,5mill and faring USD 14,000/day back in Nov 2011 and a replacement cost of USD 52,5mill, compared with a value of just under USD 17mill, TC of USD 14,000/day and newbuilding price of USD 48-49mill respectively in today's market. Thus the answer possibly lies in the supply/demand landscape which for Afras stands most favourably, with the orderbook representing 5% of the existing fleet which is by far the best ratio in not just all the tanker but also the bulker segments. But stronger buyers’ appetite might eventually be good news for owners/sellers of same tonnage, as it would help keep prices more buoyant and even allow them to strengthening again at some point" the report concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Tuesday, 26 March 13
NEWCASTLE PORT SHIPPED 2.39 MMT OF COAL W/E 25 MARCH 2013
COALspot.com - Newcastle port in Australia has loaded 2.396 million tons of thermal and coking coal for week ended 0700 hours 25 March 2013, N ...
Monday, 25 March 13
BUNKER FUELS ARE ABOUT TO GET CLEANER, BUT AT WHAT COST? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The cost of bunkers is nowadays the driving force behind most ship owners' major decisions, with regulations bound to change in many parts of the w ...
Sunday, 24 March 13
THE SUB-BIT INDONESIA'S COAL SWAPS FOR Q2 DELIVERY PRICE LOST 7.47 PERCENT PMT M-O-M
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has lost 3.39 percent and CFR South China coal shipment 2.65 ...
Sunday, 24 March 13
FREIGHT MARKETS CONTINUED TO FIRM - VISTAAR
COALspot.com - This freight market continued to remain firm in all segments except for cape index which softened slightly.
The BDI was up by 4.60 ...
Sunday, 24 March 13
DRY BULK MARKET PROSPECTS OFFER ROOM FOR RESTRAINED OPTIMISM SAYS SHIP OWNER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In its announcement regarding its annual performance, ship owner Frontline offered some useful insight on the future prospects of both the dry bulk ...
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- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Australian Coal Association
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Carbofer General Trading SA - India
- The University of Queensland
- Deloitte Consulting - India
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