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