We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 08 February 13
NORTH P&I CLUB WARNS OF LIQUEFACTION RISK FOR BAUXITE CARGOES
The ‘A’ rated 170 million GT North P&I club has warned shipowners carrying bauxite aluminium ore cargoes that they have the potentia ...
Thursday, 07 February 13
CHINA NDRC APPROVED 10 BILLION YUAN POWER GENERATION PROJECTS
NDRC of China currently announced that some of power grid and power station in Jiangxu, Sichuan and Anhui Province would be newly constructed or ext ...
Thursday, 07 February 13
CAPESIZE : MORE ACTIVE WEEK IN THE PACIFIC - FEARNLEYS AS
Handy
The Atlantic market remained stable with no significant movement in rates. Rates from USG to FEast were around USD 18k and Black Sea to Feast ...
Thursday, 07 February 13
WEAK STEEL MARKET MEANS IRON ORE RALLY LIKELY TO END SOON - FITCH
The sharp rebound in iron ore prices over the last couple of months will hurt margins at non-integrated steel producers in the first quarter of 2013 ...
Tuesday, 05 February 13
THE SHIPPING SECTOR IS " NAVIGATING IN STORMY WATERS" - PWC
The vulnerabilities of the global economy have been exposed and have more than played their part in making 2011 one of the worst years of shipping i ...
|
|
|
Showing 4391 to 4395 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- PTC India Limited - India
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- The University of Queensland
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
|
| |
| |
|
