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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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Friday, 08 March 13
DRY BULK MARKET ON A RISING TREND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has continued its rising pattern set after China opened up again for business, following the Asian New Year Holidays. As a resul ...
Thursday, 07 March 13
PANAMAX : POSITIVE TREND; CAPESIZE : GRADUALLY SLIDE - FEARNLEYS AS
Handy
The Atlantic saw more cargoes than last week and rates ticking upwards. The USG-Feast was at USD 22k and Black sea-feast was at USD 12k. The ...
Tuesday, 05 March 13
NEWCASTLE PORT SHIPPED 20.77 PERCENT MORE COAL W/E 4 MARCH 2013
COALspot.com - Newcastle port in Australia has loaded 2,631,562 MT of thermal and coking coal for a week ended 0700 hours 4 March 2013, Newcas ...
Sunday, 03 March 13
INDONESIAN THERMAL COAL SWAPS; CHINA CONTRACTS FALL W-O-W
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has lost 0.75 percent and CFR South China coal shipment&nbs ...
Sunday, 03 March 13
FREIGHT MARKET FROM INDONESIA EXPECTED TO BE FIRM - VISTAAR
COALspot.com – The freight market has been fairly firm this week except for cape size index.
The BDI was up by 4.64 points closing at 776 p ...
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- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- White Energy Company Limited
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Minerals Council of Australia
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
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