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