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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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Showing 4361 to 4365 news of total 6871 |
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- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- PTC India Limited - India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
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