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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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Monday, 24 December 12
CONSTITUTIONAL COURT DECISION MAY FURTHER DELAY THE ISSUANCE OF NEW MINING BUSINESS LICENCES - TJEN SHE SIUNG
COALspot.com - In November 2012 the Constitutional Court of Indonesia issued a decision on amendments to certain provisions under the Mining Law No. ...
Monday, 24 December 12
BUNKER PRICES TO CONTINUE RISING, ALBEIT IN A SLOWER MODE, DURING THE NEXT FEW YEARS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEW
In a recent report, US-based consulting firm Mcquilling Services attempted to forecast the course of bunker prices during the next few years, as thi ...
Sunday, 23 December 12
Q4' 2013 CFR SOUTH CHINA COAL SWAP, US$ 3.40 HIGHER COMPARED TO Q1' 2013 PRICE
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q1’ 2013 delivery gained 1.94 percent M-M and WoW by 1.57percent but lost 0.35 ...
Saturday, 22 December 12
SECOND HAND VESSELS ENJOY HIGH DEMAND AS PRICES ARE ATTRACTIVE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the fact that the year is closing to its end, activity in the second hand vessel market has been more than high. Ship owners are looking to ...
Saturday, 22 December 12
FALL IN CAPE AND PANAMAX RATES DRAG BDI INDEX - VISTAAR
COALspot.com - The freight market further softened this week closing at 700 points (down by 10.71 pct). The cape index continued to fall and w ...
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- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Australian Coal Association
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
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