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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, 01 February 13
HANDY - FLAT; PANAMAX - FLAT TO WEAK; CAPESIZE - WEAK
Handy
The Atlantic market remained stable with no significant movement in rates. Rates from USG to FEast were around USD 17k and Black sea to Feast ...
Thursday, 31 January 13
DRY BULK RATES ON A FALLING PATTERN DUE TO ADVERSE WEATHER CONDITIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The seasonal factor has emerged as the latest catalyst in determining the course of the dry bulk market, as the floods in eastern Australia, the big ...
Thursday, 31 January 13
NEWCASTLE PORT SHIPPED 2.70 MMT OF COAL W/E 28 JANUARY 2013
COALspot.com - Newcastle port in Australia has loaded 2,703,921 MT of thermal and coking coal for week ended 0700 hours 28 January 2013, Newca ...
Thursday, 31 January 13
MMTC TO IMPORT 2.68 MMT OF COAL FOR ARAVALI POWER CORPORATION LTD
COALspot.com: The tender floated by MMTC on behalf of Aravali Power Corporation Ltd, a Joint venture between NTPC and State of Haryana for supply of ...
Wednesday, 30 January 13
TNPL TO SECURE 300K MT OF IMPORTED COAL SUPPLIES AT US$ 75.95 PMT FOR MARCH - AUGUST 2013 DELIVERY
COALspot.com – Chennai based Coastal Energy Private Limited (C&O Group of companies) offered lowest price of US$ 75.95 per met ...
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- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
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