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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, 19 March 13
SHIP PRICES COULD BE CLOSING IN TO REACH THEIR BOTTOM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
One of the latest developments in shipping asset prices has been the reluctance from shipyards to further reduce their price expectations to higher ...
Sunday, 17 March 13
A WEAK WEEK FOR SUB-BIT INDONESIA COAL SWAPS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has lost 2.11 percent and CFR South China coal shipment ...
Sunday, 17 March 13
COAL FREIGHT RATES STEADY ON HIGHER DEMAND - CAPT. REDDY
COALspot.com - This freight market continued to remain firm in all segments.
The BDI was up by 5.81 pct closing at 892 points. Cape index was up ...
Friday, 15 March 13
CHEAP SHIP VALUATIONS DON'T NECESSARILY MEAN ATTRACTIVE SAYS VESSELS VALUE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
With ship prices plunging by double-digits in the past few years, many ship owners are pondering their next moves in a market often described as att ...
Thursday, 14 March 13
SUPRAMAX : INDO - INDIA TRIP RATE IS AROUND $10,000; SOUTH CHINA $9500 - FEARNRESEARCH
Handy
Indian market is still quiet in respect of export of iron ore. WC India market has improved with a few stems out of the MEG, WC India opening ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
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