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