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