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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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Tuesday, 15 January 13
2ND MYANMAR MINING SUMMIT & OFFICIAL HOST MINISTRY OF MINES TO WELCOME OVER 200 DELEGATES NEXT WEEK
Press Release: The Ministry of Mines is hosting the 2nd Myanmar Mining Summit in Yangon on 21-24 January to unravel the local mining climate, prospe ...
Monday, 14 January 13
NEWCASTLE PORT SHIPPED 2.32 PERCENT LESS COAL W/E 14 JANUARY 2013
COALspot.com - Newcastle port in Australia has loaded 3,123,312 MT of thermal and coking coal for week ended 0700 hours 14 January 2013, Newca ...
Monday, 14 January 13
THE COAL MONGOLIA - 2013 OFFICIALLY IN COOPERATION WITH TOP MINING COMPANIES
Press Release: Mongolian first mining portal site Mining.mn has already started its preparation of the International Conference “COAL MONGOLIA ...
Monday, 14 January 13
NTPC INVITES BIDS FOR 500K MT OF IMPORTED COAL
COALspot.com - NTPC Limited (formerly National Thermal Power Corporation) is the largest Indian state-owned electric utilities company called for a ...
Sunday, 13 January 13
THE FREIGHT MARKET: FAIRLY STEADY - VISTAAR
COALspot.com - The freight market was fairly steady with all the indices up with maximum gain in the Panamax segment. The BDI was up by 7.65 pct clo ...
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Showing 4421 to 4425 news of total 6871 |
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- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Planning Commission, India
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
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