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