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