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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, 17 December 12
SHIP PRICES TO BOTTOM OUT IN 2013 SAYS GEORGE D. GOURDOMICHALIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship values especially in older tonnage, or even modern vessels with poor quality are expected to fall further during 2013, with the market as a who ...
Monday, 17 December 12
SYNERGISING WITH PIONEERS TO DEVELOP TOMORROW'S LATIN AMERICAN RAILWAYS
Press Release: Brazil being one of the largest country in South America has one of the most dynamic rail markets in the world. Rail transport in Bra ...
Sunday, 16 December 12
FREIGHT TREND SOFTENED THIS WEEK - VISTAAR
COALspot.com - The freight market further softened this week and closed at 784 points (down by 18.84 pct). The cape index had the biggest fall ...
Friday, 14 December 12
GMR GROUP OF INDIA TO IMPORT 100K MT OF 4800 GAR COAL
COALspot.com: GMR Group of India to invite bids for 100,000 Metric Tons of imported non coking coal to be delivered during January and February 2013 ...
Thursday, 13 December 12
HANDY : WCI-CHINA RATES AROUND $ 6000 AND ECI-CHINA AROUND $ 4000 - FEARNLEYS
Handy
Atlantic market remained unchanged. Rates from USG to Feast were around USD 18k and Black Sea to Feast about USD 10k. USG-Skaw-Passero rates ...
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Showing 4461 to 4465 news of total 6871 |
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- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- PTC India Limited - India
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
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