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Tuesday, 30 December 14
SHIP PRICES KEEP ON FALLING, SALES COME EARLY FOR SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 Ship prices keep on falling on the back of low freight rates. According to the latest report from shipbroker Allied Shipbroking, January sales seem to have come early this year, though there seems to be further dis-counts to be offered in the market once the New Year kicks off. “With such corrections being noted it’s worth taking a round-up of the price trends we have seen over the past 8 months since the market started its downward spiral. In particular, it’s interesting to go through the Capes and Panamaxes which have also been the ones noting the sharp-est corrections, while reaching very interesting levels of late”.
Allied’s Head of Market Research and Asset Valuations, Mr. George Lazaridis, “since April we have seen a radical decline in prices for secondhand vessels in both these size segments. 5 and 10 year old Capes have shown a whopping 25% and 26% decline in prices during this period, reaching levels of around US$ 39.0 and US$ 27.5 million respectively. These figures become all the more noteworthy, as a newbuilding order could still set you back US$ 54.0m, meaning that you can snatch up a 5 year old vessel at 72% of the price of a new order, while a 10 year old vessel is at just under 51%”.
Lazaridis added that “things get even more enticing when you look at the Panamaxes, with prices for new or-ders set at US$ 30.0m for a Kamsarmax and US$ 29.0m for a Panamax (although the latter is hardly offered by shipbuilders any more), while prices for 5 year old Panamax-es are in the region of about US$ 20.0m and 10 year old vessels are going for around US$ 14.5m. Therefore, in the case of Panamaxes, 5 year old and 10 year old secondhand assets are currently going for a discount 39% and 50% respectively when compared to the price of a new order, while the difference becomes even bigger when compared to the cost of ordering a Kamsarmax. This has largely been due to the faster pace correction in secondhand Panamax prices during these past 8 months, as we not-ed a 29% decline in 5 year old assets and an impressive 37% decline in 10 year old as-sets”.
The shipbroker’s analyst raised the question of what does this all mean and where should buying focus be centred on next? According to Mr. Lazaridis, “the truth is at the moment and as things stand it makes more sense to go for secondhand assets when looking purely on the price being paid. There are however many out there that will say that these newbuildings are not comparable in design features to the older tonnage, while their payment terms are more favourable during the current poor per-forming freight market. That may well be beyond the underlying point though, as both asset classes are still well above where they stood in late 2012 when the market had reached its most recent bottom”.
Meanwhile, “at the same time further discounts could easily be seen in secondhand tonnage, as there is no real barrier preventing further price drops and with things becoming more difficult in terms of earnings, we are surely to see fur-ther discounts down the line. In the case of newbuildings though things are a bit tricki-er. Despite the intense competition amongst shipbuilders to secure the interest of any perspective buyers, they have barriers preventing them from offering discounts which are “too low”. The main ones are construction costs and ease of finance. With steel pric-es having declined considerably and looking to remain under pressure in the near-term, the first barrier shouldn’t be too difficult to overcome. The latter however is a bit more problematic. Shipbuilding finance has already faced significant problems during the first half of the year, and it looks as though it will be even harder for shipbuilders to assist in finance and guarantee letters for their offered ships if their margins are lack-ing. As such, it seems that we are primed for perfect conditions to promote secondhand tonnage in the New Year and with all this interest mounting, one becomes curious to see at which point the starting pistol will be fired to spark off another secondhand buy-ing spree rally”, the shipbroker concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Monday, 12 January 15
SHIPPING - CHALLENGES AND RESOLUTIONS - EVA TZIMA
Last year has without a doubt been another challenging one both for both our industry and our country. As Greece is currently dominated by election ...
Sunday, 11 January 15
BDI DECLINED 8% ON WEEK; BCI LOST 31%
COALspot.com: The BDI continued its decline in the first week of this year or lost 8 pct week over week. The BDI was closed at 709 points whi ...
Friday, 09 January 15
U.S. EASTERN SPOT STEAM COAL PRICES FELL IN 2014; ROSE IN WEST - EIA
U.S. Eastern spot steam coal prices declined in 2014 compared to 2013 levels because of a decline in steam coal exports.
According to U.S. Ene ...
Friday, 09 January 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 2.2% Y-O-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.6 million short tons (mmst) of coal ...
Thursday, 08 January 15
INDONESIA PRESSES ON WITH HIGHER COAL ROYALTY FEE TO BOOST STATE REVENUE - JG
The Indonesian government is pressing on with its plan to raise the royalty charged to coal miners in order to increase state revenue, but the move ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- The University of Queensland
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- PTC India Limited - India
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