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