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