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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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Friday, 15 February 13
2ND ANNUAL INDONESIA MINING 2013 CONFERENCE
Bringing Indonesia's Mining Stakeholders Together Towards Improving Mining Investment Climate & Operations
Following the success of th ...
Friday, 15 February 13
SCRAPPING TO RISE AS BULKER OWNERS SUFFER - DREWRY MARITIME RESEARCH
Drewry's latest Dry Bulk Forecaster report suggests that cash-strapped shipowners will scrap younger and younger ships this year as the dry bulk ma ...
Thursday, 14 February 13
HANDY: ATLANTIC "STABLE"; PACIFIC "QUIET" - FEARNLEYS
Handy
The Atlantic remain stable with rates for FH from USG around USD 18k. The Pacific remains quiet due to Chinese New Year holidays. Rates were ...
Thursday, 14 February 13
BIMCO FORECASTS MOSTLY HIGHER DRY BULK RATES FOR THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Higher steel demand is expected to keep dry bulk rates elevated during the next six weeks, according to the latest BIMCO forecast. The Organization ...
Wednesday, 13 February 13
6TH ANNUAL CBM CONFERENCE
The 6th Annual CBM conference which will be held in Singapore on 18-21 June 201 offers comprehensive insights into leading CBM projects in the Asia- ...
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- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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