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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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Tuesday, 26 February 13
10TH CLEAN COAL FORUM WILL BE HELD ON JUNE 2013
CDMC Events will be presenting the 10th Clean Coal Forum 2013 on June 13 - 14, 2013 in Beijing,China.
It will make you understand regulatory asp ...
Sunday, 24 February 13
COAL SWAPS INCH UP WEEK - ON - WEEK
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has gained 0.17 percent and CFR South China coal shipme ...
Sunday, 24 February 13
BDI FELL 1.72 PERCENT BUT FREIGHT MARKET FAIRLY STEADY - VISTAAR
COALspot.com - This freight market has been fairly steady this week but, BDI fell1.72 pct and closed at 740 points.
The cape index also joins BDI ...
Saturday, 23 February 13
IHS MCCLOSKEY 20TH ANNUAL COAL CONFERENCE OF THE AMERICAS
IHS McCloskey 20th Annual Coal Conference of the Americas to be held on 13-14 March 2013 in Cartagena, Colombia
IHS is pleased to invite you to t ...
Thursday, 21 February 13
HANDY : THE PACIFIC MARKET GOT FIRMED UP AS CHINESE CAME BACK FROM HOLIDAYS - FEARNLEYS
Handy
The Atlantic saw more cargoes than last week but rates remained unchanged as lot of ships in the market. The USG-Feast was at USD 18k and Bla ...
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- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- MS Steel International - UAE
- VISA Power Limited - India
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- White Energy Company Limited
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
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