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