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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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Tuesday, 04 December 12
NEWCASTLE PORT SHIPPED 55.88 PERCENT MORE COAL W/E 3 DECEMBER 2012
COALspot.com - Newcastle port in Australia has loaded 2,796,341 MT of thermal and coking coal for week ended 0700 hours 3 December 2012, Newca ...
Sunday, 02 December 12
YEAR 2013, YEAR OF SUPPLY OR DEMAND?
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q1 2013 delivery gained 2.87 & 0.83 percent MoM and WoW respectively ...
Saturday, 01 December 12
TIGHT SUPPLY, DEMAND PUSH INDO-INDIA SUPRAMAX FREIGHT RATES HIGHER - VISTAAR
COALspot.com - The freight market was mixed this week as cape and Panamax indices are closing softer.
The BDI was down 0.37 pct closing at 1,086 ...
Friday, 30 November 12
FUTURE TREND OF SECOND HAND SHIP VALUES PUZZLING SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
One of the major challenges that ship owners are facing today is whether or not to invest in a second hand vessel at any given time. For instance, i ...
Friday, 30 November 12
IS INDONESIAN COAL INDUSTRY DEPENDS HEAVILY ON INDIA AND CHINA?
COALspot.com: Indonesia, the world largest multi grade coal exporter, shipped 35,143,587* tons of coal in October 2012. October exports are 19 ...
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- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Central Electricity Authority - India
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
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