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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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Thursday, 28 February 13
INDIA HAS INCREASED CUSTOMS DUTY AND COUNTERVAILING DUTY FOR POWER PLANT COAL
COALspot.com : The government of India raised basic customs duty and countervailing duty on steam coal. In the meantime government has reduced& ...
Thursday, 28 February 13
SHIP OWNERS EXPECTED TO FACE A CHALLENGING YEAR, DESPITE THE FALL OF NEWBUILDING ORDERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Tonnage oversupply and a lagging growth in world trade demand are expected to keep shipping in the "red", despite a series of measures ado ...
Thursday, 28 February 13
PANAMAX : MARKET HAS SEEN A GOOD UPTURN OVER THE LAST WEEK - FEARNLEYS
Handy
The Atlantic saw more cargoes than last week and rates ticking upwards. The USG-Feast was at USD 19k and Black Sea-Feast was at USD 11k. The ...
Wednesday, 27 February 13
NEWCASTLE PORT IN AUSTRALIA SHIPPED 0.358 MILLION MT MORE COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 2,178,869 MT of thermal and coking coal for week ended 0700 hours 25 February 2013, Newc ...
Wednesday, 27 February 13
NEWLEAD HOLDINGS LTD. ANNOUNCES COAL SUPPLY AND DELIVERY CONTRACT
NewLead Holdings Ltd. yesterday announced that the Company has signed an agreement to supply and deliver 1.48 million metric tons of steam coal to a ...
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- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- The University of Queensland
- Romanian Commodities Exchange
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Planning Commission, India
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
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