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