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