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