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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, 29 December 12
SHIPBREAKING YARDS IN INDIA DEMOLISH A TOTAL OF 527 VESSELS IN 2012, BREAKING ALL PREVIOUS RECORDS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
India's ship demolition experts of Star Matrix contemplated this week on the issue of why ships in the range of 1,000 and up to 6,500 liquid tons ( ...
Thursday, 27 December 12
A LOOK AT WORLD TRADE PATTERNS DURING 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
While China's leaders are likely to stick with the 2012 economic growth rate of 7.5% when they chart a course for 2013 - its weakest pace since 199 ...
Thursday, 27 December 12
INDONESIA SHIPPED 33.578* MMT COAL IN NOVEMBER
COALspot.com: Indonesia, the world largest multi grade coal exporter has shipped 33.578* million tons of coal in November 2012. thi ...
Wednesday, 26 December 12
UPDATE ON EXPORT BAN ON RAW MINERALS AND ORE - RITA SUSANTO
COALspot.com - In May 2012, the Minister of Energy and Mineral Resources (“MoEMR”) in Regulation No.7 (“Reg-7”, amended by R ...
Wednesday, 26 December 12
SHIP OWNERS WRAP UP NEWBUILDING DEALS PRIOR TO YEAR END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the year inches closer and closer to its end, many ship owners are looking to close deals for newbuilding vessels they have been negotiating duri ...
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- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
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