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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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Thursday, 24 January 13
INDO - INDIA NOW AT APS $ 8K + BB USD 90000 - FEARNLEYS AS
Handy
The Atlantic market remains stable as supply of tonnage is still in excess of demand. USG- Far east fixed at $18k and CONT-FEAST at $ 11k. Pa ...
Thursday, 24 January 13
DRY BULK MARKET FALLS ON TROPICAL CYCLONE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been on the downside during the past couple of days, mainly as a result of the tropical storm which forced ports to close do ...
Tuesday, 22 January 13
PORT OF ANTWERP HANDLES 7.0 PERCENT MORE COAL IN 2012 Y-Y
COALspot.com - The port of Antwerp handled 184,134,516 tonnes of freight last year.
This represents a drop of 1.6% compared with 2011, when the v ...
Monday, 21 January 13
NEWCASTLE PORT SHIPPED 10.21 PERCENT LESS COAL W/E 21 JANUARY 2013
COALspot.com - Newcastle port in Australia has loaded 2,804,152 MT of thermal and coking coal for week ended 0700 hours 21 January 2013, Newca ...
Sunday, 20 January 13
Q1 & Q4 SUB-BIT FOB INDONESIA COAL SWAPS: FIRM
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) and CFR South China coal shipment for average Q1’ 2013 delivery have gained 0.81percent and ...
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Showing 4411 to 4415 news of total 6871 |
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- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- PTC India Limited - India
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
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