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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, 06 August 12
3RD ANNUAL INDONESIA POWER
Press Release - 3rd Annual Indonesia Power is Indonesia’s premier power event, where commercial opportunities and new projects are identified. ...
Monday, 06 August 12
COAL EXPORTS COULD ADD $2B TO $6B ANNUALLY TO U.S. ECONOMY - HELLENIC SHIPPING
Business groups backing Pacific Northwest coal export proposals on Thursday lauded a new report that claims increased U.S. coal exports could bring ...
Sunday, 05 August 12
SUB-BIT INDONESIA COAL SWAPS ARE WAY UP
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for September 2012 delivery gain 1.36 percent on Friday (3 August 2012) closing W-o-W but gained& ...
Sunday, 05 August 12
INDONESIA'S ADARO TRIMS PRODUCTION FORECAST, CITES BAD ECONOMY - THE JAKARTA GLOBE
The Jakarta globe reported that, Adaro Energy, the country’s second-largest coal producer, has cut its annual production forecast to between ...
Sunday, 05 August 12
DRY BULK FREIGHT MARKET TO STAY WEAK NEXT COUPLE OF WEEKS - VISTAAR
COALspot.com - The freight market continued to soften further in all segments.
The BDI was down by 8.68 pct closing at 852 points. The cape index ...
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- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Economic Council, Georgia
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- The University of Queensland
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
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