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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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Saturday, 05 January 13
THE SHIPPING MARKET IN 2012 AND LOOKING FORWARD - BIMCO
Global Economy: Things will go up from here
The global economy continues to grow, albeit at a slower pace than previous years. The slower economic ...
Friday, 04 January 13
DRY BULK MARKET LOOKING FOR DIRECTION IN FIRST TRADING DAYS OF THE NEW YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market is actively looking for its footing at the start of the New Year, as charters have been scarce, as is usually the case during th ...
Thursday, 03 January 13
INDONESIAN SUB-BITUMINOUS COAL SWAPS CLOSED US$ 6.86 HIGHER FOR 2014 DELIVERY
COALspot.com - Swaps prices were changed positively for thermal coal for loading in the first quarter from Indonesia, according to SGX AsiaClear OTC ...
Thursday, 03 January 13
SUPRMAX FREIGHT RATE FROM RED SEA / INDIA IS AROUND MID TEENS - FEARNLEYS
Fearnleys in its weekly report said that, Indian market was very quiet in respect of export of iron ore. For Indo-India trip Supra rate was hovering ...
Thursday, 03 January 13
DRY BULK DEMAND TO KEEP RISING IN 2013, DRY BULK SHIP PRICES TO KEEP FALLING SAYS ANALYST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In a recent report on the future of the shipping markets, DVB bank said that dry bulk demand is expected to keep on growing in the coming years, mai ...
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- The University of Queensland
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Australian Coal Association
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- VISA Power Limited - India
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
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