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