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