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