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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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Sunday, 20 January 13
S7 & S8 ROUTE FREIGHT TREND IS EXPECTED TO BE FLAT TO SOFT THIS WEEK - VISTAAR
COALspot.com - The freight market was fairly steady with all the indices BDI up by 9.21 pct closing at 837 points. The Cape index was also sharply u ...
Friday, 18 January 13
NEWLEAD HOLDINGS LTD. TO ACQUIRE TWO COAL PROPERTIES WITH ESTIMATED COAL RESERVES OF 18.6 MMT & 143.1 MMT
NewLead Holdings Ltd. Announces Signing Agreement to Acquire Properties with Estimated Coal Reserves of 18.6 Million Tons; Signing Agreement to Acqu ...
Friday, 18 January 13
DRY BULK MARKET ON THE RISE, ON STRONG DEMAND FOR CAPESIZE VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has continued its climbing trend yesterday, as the industry's benchmark, the Baltic Dry Index (BDI) was up by 39 points to 820. ...
Friday, 18 January 13
CAPESIZE : SIGNALS ARE MIXED BUT THE OVERALL TENDENCY IS POSITIVE - FEARNLEYS
Handy
The Atlantic market remained stable with USG-Feast fixed around USD 17k, according to fearnleys’s weekly report.
Continent / Medite ...
Tuesday, 15 January 13
GRANT SMITH APPOINTED GROUP MANAGING DIRECTOR OF BRAEMAR ADJUSTING
The Board of Braemar Adjusting is delighted to announce the appointment of Grant Smith as Group Managing Director of the company with immediate effe ...
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- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
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