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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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Tuesday, 12 February 13
GOVERNMENT DECLARED INDONESIAN THERMAL COAL PRICE INCHES UP IN FEBRUARY
COALspot.com - The Indonesian government has declared bench mark price for coal has moved upwards in February 2013.
The monthly coal refere ...
Monday, 11 February 13
NEWCASTLE PORT SHIPPED 23.01 PERCENT MORE COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 2,967,761 MT of thermal and coking coal for week ended 0700 hours 11 February 2013, Newc ...
Sunday, 10 February 13
INDONESIA SUB-BIT SWAPS: "UP" - CFR SOUTH CHINA SWAPS: "DOWN"
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has gained 0.72 percent W-O-W and CFR South China coal shipme ...
Sunday, 10 February 13
DRY BULK OVERSUPPLY OF TONNAGE SEEN WANING IN THE COMING MONTHS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It seems that the tide could be shifting in the dry bulk market, in terms of tonnage oversupply, according to the latest data figures. This could ex ...
Sunday, 10 February 13
HIGHER BUNKER PRICE PUSHES SEA FREIGHTS FIRM - REDDY
COALspot.com - The freight market was soft and all at same levels with Chinese year holidays next week.
The BDI was slightly down by 0.27 pct ad ...
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- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- The University of Queensland
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Mercator Lines Limited - India
- VISA Power Limited - India
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
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