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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, 21 February 13
SPRING COAL PROCUREMENT 2013 IS ABOUT TO TAKE PLACE
In 2012, “Steady Growth” had set the keynote for China’s economic development. Guided by the principle of progressing steadily, do ...
Wednesday, 20 February 13
BAKRIE GROUP LOOKS TO HAVE A CLEAR UPPER HAND - LUCKY ARIESANDI, CFA
The Bakrie-Rothschild saga is entering its final stage, with Bumi Plc (BUMI LN)’s holders to convene on 21 Feb at 11am GMT to vote on Nat Roth ...
Tuesday, 19 February 13
NEWCASTLE PORT SHIPPED 38.65 PERCENT LESS COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 1,820,559 MT of thermal and coking coal for week ended 0700 hours 18 February 2013, Newc ...
Monday, 18 February 13
78.75 MILLION TONS OF COAL RESERVES ARE NEWLY PROVEN IN WUGANG HUNAN PROVINCE
COALspot.com - Recently, Wugang City, known as the CHINA hundred key coal producing cities, achieved new breakthroughs in coal exploration: deep coa ...
Sunday, 17 February 13
STEEL DEMAND WILL HELP TO PUSH UP FREIGHT RATES - VISTAAR
COALspot.com - This freight market has been fairly steady week ended 15 February 2013.
The BDI was slightly up by 0.67 pct closing at 753 points ...
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- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- White Energy Company Limited
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Planning Commission, India
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
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