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