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