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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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Monday, 11 March 13
SUB-BIT FOB INDONESIA COAL SWAPS FELL 1.41 PERCENT W-W
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has lost 1.41percent and CFR South China coal shipment ...
Sunday, 10 March 13
INDIA - INDONESIA SUPRAMAX FREIGHT : FIRM TREND
COALspot.com – This week freight market was raised and remained firm in all segments.
The BDI was up by 6.70 pct closed at 843 points, ...
Sunday, 10 March 13
INDONESIA'S FORESTRY DEPARTMENT IS TO INCREASE BORROW-TO-USE PERMITS (IJIN PINJAM PAKAI) FEE SOON
COALspot.com : Indonesia to increase borrows-to-use permit fees by 33.33 percent. The government of Indonesia is planning to increase the state&rsqu ...
Friday, 08 March 13
EKO SANTOSO BUDIANTO APPOINTED AS PRESDIENT DIRECTOR OF BERAU COAL ENERGY
COALspot.com - PT Berau Coal Energy has appointed Eko Santoso Budianto as new president director, replacing Rosan Roeslani. Berau’s extraordin ...
Friday, 08 March 13
INDONESIAN HBA UP FOR FIVE CONSECUTIVE MONTHS
COALspot.com - The Indonesian government has declared bench mark price for coal has moved upwards in March 2013.
The monthly coal reference ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- White Energy Company Limited
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- The University of Queensland
- Chamber of Mines of South Africa
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