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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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- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
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