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