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