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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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Monday, 28 January 13
BAYAN RESOURCES TO SELL 18 MILLION TONS OF COAL TO GNPOWER MARIVELES COAL PLANT
Publicly-listed PT Bayan Resources announced on Friday that it had signed an agreement on coal sales with Philippine-based GNPower Mariveles Coal Pl ...
Sunday, 27 January 13
CFR SOUTH CHINA COAL SWAPS: WEAK
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q1’ 2013 delivery has gained 0.31 percent and CFR South China coal shipment&nbs ...
Sunday, 27 January 13
FREIGHT MARKET: FLAT TO SOFT - VISTAAR
COALspot.com - The freight market was soft and all the indices were down except for handy size.
The BDI was down 4.66 pct closing at 798 points.. ...
Friday, 25 January 13
BOTSWANA GOVERNMENT GRANTS COAL LICENSES TO A-CAP RESOURCES LIMITED
A-Cap Resources Limited has announced that it has been granted coal rights within its Bolau tenements which sit next to the Sese Coal and Power Proj ...
Friday, 25 January 13
SMALL ROOM FOR OPTIMISM FOR THE PROSPECTS OF THE DRY BULK MARKET AS NET FLEET GROWTH IS SLOWING DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the fact that the dry bulk market didn't manage to post a rebound during the past year, quite the opposite, as a fast fleet growth and slow ...
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- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- White Energy Company Limited
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Minerals Council of Australia
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
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