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