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