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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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Wednesday, 02 January 13
NEWCASTLE PORT SHIPPED 23.61 PERCENT MORE COAL W-W
COALspot.com - Newcastle port in Australia has loaded 3,533,183 MT of thermal and coking coal for week ended 0700 hours 31 December 2012, Newc ...
Wednesday, 02 January 13
DRY BULK MARKET TO STAY ELEVATED IN START OF 2013 BUT THE NEW YEAR WILL NOT BE WITHOUT TURBULENCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In its regular update on the dry bulk market, BIMCO forecasted, that Capesize time-charter rates are expected to stay elevated in the following six ...
Monday, 31 December 12
KOSEP IS LOOKING FOR 280K MT OF 4600 NCV COAL FOR APRIL - JUNE 2013
COALspot.com : South Korean state-owned utility Korea South-East Power Co., Ltd. (KOSEP), has issued an new tender for prompt supply of 280,00 ...
Monday, 31 December 12
VALE CELEBRATES ARRIVAL OF "VALE SOHAR" BULK CARRIER TO SULTANATE WITH MEMBERS OF COMMUNITY
'Vale Sohar', one of the largest bulk carriers in the world, was welcomed to Oman by members of the North Al Batinah community headed by H.E. Shei ...
Monday, 31 December 12
"DISTRESSED", "ECO" AND "FINANCE" ARE THE THREE WORDS WHICH CHARACTERIZED 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2012 was yet another year of speculation, anticipation, pessimism and more speculation in the shipping markets. According to the latest weekly repor ...
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- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- VISA Power Limited - India
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
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