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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, 22 December 12
DELTA DUNIA MAKMUR PRODUCED 3.2 MILLION TONS OF COAL IN NOVEMBER' 12
COALspot.com - PT Delta Dunia Makmur Tbk., has removed 28.1 million bcm* (+1.8% YoY) of Overburden in November 2012 while coal production was at 3.2 ...
Friday, 21 December 12
JORC CODE, 2012 EDITION NOW FINALIZED
COALspot.com - The JORC Committee has announced that, the completion of the review of the JORC Code of 2012 Edition.
The JORC Code, 2012 Ed ...
Thursday, 20 December 12
COAL CLOSING IN ON OIL AS WORLD'S TOP ENERGY SOURCE BY 2017
COALspot.com - Coal’s share of the global energy mix continues to rise, and by 2017 coal will come close to surpassing oil as the world’ ...
Thursday, 20 December 12
CHINA'S IRON ORE AND COAL DEMAND WILL SHAPE THE CAPESIZE DRY BULK TRADE DURING 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the best efforts from ship owners to help alleviate the current tonnage oversupply issue in the dry bulk segment, especially in the larger v ...
Tuesday, 18 December 12
NEWCASTLE PORT IN AUSTRALIA SHIPPED 20.19 PERCENT MORE COAL W/E 17 DECEMBER 2012
COALspot.com - Newcastle port in Australia has loaded 3,269,640 MT of thermal and coking coal for week ended 0700 hours 17 December 2012, Newc ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- White Energy Company Limited
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
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