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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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Friday, 03 August 12
INDIA - LIGHTS OUT! - SALVA
The Indian power sector hit global headlines this week for all the wrong reasons. Firstly, on Monday, over 350 million people lost power across nort ...
Thursday, 02 August 12
OIL & GAS COMPANIES TO MEET IN MYANMAR FOR UPDATES ON NEW ROUND OF BIDDING AND INVESTMENT POTENTIAL IN UPSTREAM OIL, GAS, AND POWER GENERATION
Press Release - 2nd MOGP Summit (Myanmar Oil, Gas & Power) will convene in Yangon from 3 – 6 September 2012, to unveil new round of biddin ...
Thursday, 02 August 12
DRY BULK MARKET RATES CONTINUE SLUMP AMID SLOWER DEMAND NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on its downward path Wednesday, as the BDI (Baltic Dry Index) kept retreating to new lows. The index was down by 2.12 perce ...
Monday, 30 July 12
DRY BULK MARKET TO REMAIN UNDER PRESSURE FOR THE REST OF 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In an interview with Hellenic Shipping News Worldwide, Mr. Yannis Pachoulis, President of the Hellenic Shipbrokers' Association, remains cautiously ...
Sunday, 29 July 12
FREIGHT MARKET MOMENTUM CONTINUES TO WEAK
COALspot.com - The freight market continued to soft this week with all the segments dropped and the BDI fell below 1,000 points and closed at 933 po ...
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- Malabar Cements Ltd - India
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Planning Commission, India
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- MS Steel International - UAE
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
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