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