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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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Saturday, 23 March 13
WORLD COAL TRADE FIRST PASSES 1 BILLION TONS IN 2012 - VEREIN DER KOHLENIMPORTEURE E.V
Press Release: Hard coal imports to Germany on the previous year's level in spite of regenerative energies. Imports for power plants at an all-time ...
Thursday, 21 March 13
HANDY : RBCT ROUNDS FIXED AT $ 9000 + 300K BB - FEARNRESEARCH
Handy
The Atlantic market remains firm with cargoes seen to support healthy rates as per last week. The USG-Feast was at USD 25k and Black Sea-Feas ...
Wednesday, 20 March 13
NTPC TO IMPORT SEVEN MILLION TONS COAL FOR FOUR MONTHS
COALspot.com : NTPC Limited (formerly National Thermal Power Corporation) is the largest Indian state-owned electric utilities company has awarded&n ...
Tuesday, 19 March 13
CHINA GAS PRICE REFORMS AND APAC GAS PRICING - FITCH STREET VIEW
Fitch Ratings says pricing reform in the Chinese gas sector is unlikely to materially impact gas distributors' margins, and low gas prices in the U ...
Tuesday, 19 March 13
NEWCASTLE COAL EXPORTS FALL BY 4.27 PERCENT ON WEEK
COALspot.com - Newcastle port in Australia has loaded 2,365,561 MT of thermal and coking coal for week ended 0700 hours 18 March 2013, Newcast ...
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Showing 4341 to 4345 news of total 6871 |
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- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
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