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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, 05 February 13
NEWCASTLE PORT COAL SHIPMENTS DROPPED BY 10.77 PERCENT W-O-W
COALspot.com - Newcastle port in Australia has loaded 2,412,497 MT of thermal and coking coal for week ended 0700 hours 4 February 2013, Newca ...
Tuesday, 05 February 13
CHALLENGER DEEP RESOURCES CORP HAS ENTERED INTO AN EXCLUSIVE MINING AND MARKETING AGREEMENT WITH KEM
COALspot.com - Challenger Deep Resources Corp., through its wholly owned subsidiary, PT Bestindo Energy, has entered into an Exclusivity Agreement r ...
Saturday, 02 February 13
ADARO TO INTRODUCE A NEW BRAND OF ENVIROCOAL, E4700, IN 2013
COALspot.com - Adaro Energy, an Indonesian and leading coal producer in country has achieved a record coal production during 4Q12 of 13.31 mil ...
Saturday, 02 February 13
FREIGHT MARKET MAY REBOUND AFTER CHINESE NEW YEAR - VISTAAR
COALspot.com - The freight market was soft and all the indices were down by around 5-7 pct this week.
The BDI was down 6.01 pct closing at 750 po ...
Friday, 01 February 13
ORPHEUS SELLS B26 COAL PROJECTS FOR US$ 2 MILLION TO FOCUS ON SOUTH KALIMANTAN
COALspot.com - Orpheus Energy Limited (ASX: OEG) has announced that it has sold its 51 percent equity stake in the East Kalimantan coal projects, Bl ...
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- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Minerals Council of Australia
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Goldman Sachs - Singapore
- White Energy Company Limited
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
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