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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, 08 January 13
HOLIDAY ACTIVITY SCARCE IN THE MARKET OF SECOND HAND VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Although the market for second hand vessel purchasing was quite lull during the Holiday period, as is usually the case, the first days of the New Ye ...
Tuesday, 08 January 13
NEWCASTLE PORT SHIPPED 3.197 MILLION MT OF COAL W/E 7 JANUARY 2013
COALspot.com - Newcastle port in Australia has loaded 3,197,580 MT of thermal and coking coal for week ended 0700 hours 7 January 2013, Newcas ...
Sunday, 06 January 13
CFR SOUTH CHINA COAL: 2014 DELIVERY CLOSED US$ 6.80 HIGHER THAN Q1 '13 PRICE
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q1’ 2013 delivery has gained 0.37 percent WoW and CFR South China coal sh ...
Sunday, 06 January 13
COAL BOOM: WAKE-UP CALL FOR INDIA & INDONESIA! - SUNIL K KUMBHAT
COALspot.com - Coal Boom : Scenario, Now & later!
Coal has been the dominant fuel for power generating plants in developed countries since th ...
Sunday, 06 January 13
FREIGHT MARKET REMAINED FAIRLY STEADY - VISTAAR
WISH YOU ALL HAPPY NEW YEAR
COALspot.com - The freight market remained fairly steady in spite of Christmas / New Year Holidays. The BDI was almos ...
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- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- The University of Queensland
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
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