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