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Wednesday, 18 July 12
SHIP PRICES HAVE FALLEN RAPIDLY THIS YEAR, FAVORING INVESTORS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The price for a 5 year old Capesize dry bulk carrier of 172,000 dwt has fallen to about $33,4mil from $42.9 at the end of June 2011, while at end of June 2008 was more than $153 million. This comes to show how much ship prices have fallen in the past few years, which favors new investors in the business. On the other hand, it has caused major headaches among existing ship owners, especially those who invested at the end of the growth cycle, i.e. during the 2007-2008 period. They are now facing huge problems, as they have to provide added collaterals on bank who financed the purchase of those vessels. It's also one of the reasons that banks are reluctant to lend again to the shipping industry, which has been deemed as a risky one, as a result of these past "extravagance" of prices. This has caused some banks to become ship owners these days.
In its latest biannual report, Piraeus-based Golden Destiny noted that second hand vessel prices have plunged during the first half of 2012, mainly in the large sized segments, i.e. the Capesize and the Panamax one. In the panamax market, data from the Baltic Exchange shows that a 5 year old vessel of 52,000 dwt is now worth about $22 million, from $27.5 million at the end of June of 2011, while at the end of June of 2008, the cost for the same ship was more than $75 million.
The report also noted that "in the newbuilding market, similar sharp declines in prices offered by major yards are viewed with investors being more conservative in the placement of new contracts as the instability of the freight market and the challenge of oversupply with upcoming deliveries are creating uncertainty for strong newbuilding investments. A capesize unit of 186,300 dwt reported on order in February this year at Shanghai Waigaoqiao of China for a price in the region of $49,8mil, while at the end of May 2008, a capesize unit of 176,000 dwt had been reported on order at Chinese yard, Zhoushan Jinhawaian for a price about $88,5million" it noted.
This is one of the main reasons why ship owners have invested a fair amount of money in second hand vessel purchases during the first six months of the year, with a total of $6.1 billion for 555 vessels, despite the fall in freight rates. According to the report, second quarter buys were up 24% since the first quarter, while in total the first half of 2012 showed a decline of 9% compared to the same period of 2011, which is a remarkable feat, when considering the global economy uncertainty, the oversupply of tonnage in dry bulk and most other shipping markets and the lack of financing especially in Western Europe.
According to Golden Destiny, dry bulk carriers and tankers accounted for 33% and 26% of the total investment, while containers and liners follow with a 14% and 11% share respectively of the total S&P activity. The bulk carrier, gas tanker and container segments have shown a sharp revival in the volume of vessels reported to have changed hands from the previous quarter with a 31%, 44% and 39% increase respectively. The total amount of money invested for secondhand units this year is lower than the first half of 2011, 43% down, when 610 vessels had been reported to have changed hands at more than $10.7bn, with 103 sale and purchase transactions at an undisclosed sale price. The bulk carrier segment has shown a 31% increase with a total 105 vessels reported to have changed hands during April-June 2012 from 80 vessels in the first three months of the year, while a total of 185 vessels reported sold during the first half of the year at a total invested capital of more than $2.5bn, 11 sale and purchase transactions reported at an undisclosed contract price. “Amid the severe freight market status with capesizes struggling to cover their operating expenses and BDI crawling to remain above 1,000 points, investors haven’t lost their buying appetite by slowing their secondhand purchases only 6% down from the first half of 2011, when 196 bulk carriers changed hands at a total invested capital of more than $3.4billlion. The bulk carrier segment is the segment that posed the least downfall among other vessel categories in the purchase of secondhand units compared with the first half of 2011.
Sources: Nikos Roussanoglou, Hellenic Shipping
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Monday, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- The University of Queensland
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
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