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