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