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