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