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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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Saturday, 28 July 12
CAL 2013 COAL SWAPS ARE HIGHER COMPARED TO SEPT 2012 PRICES
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for September 2012 delivery gain 0.47 percent on Friday (27 July 2012) closing DoD but lost 0.90 ...
Friday, 27 July 12
PACIFIC MARKET REMAINED FLAT - FEARNLEYS AS
Handy
The Atlantic market continued its downward trend from last week with what appears to be a summer lull across the board. A trip from the USG t ...
Wednesday, 25 July 12
BUKIT ASAMS H1 REVENUE JUMPED BY 13 PERCENT
COALspot.com - PT Bukit Asam (Persero), Tbk., the state owned coal miner's revenue in H1 2012, has jumped 13 percent to IDR 5.79 trillion (approxim ...
Wednesday, 25 July 12
BUMI RESOURCES MINERALS SECURED PINJAM PAKAI FOR ITS ZINC AND LEAD PROJECT
COALspot.com - PT Bumi Resources Minerals Tbk. ("BRMS" or "the Company") today reported that its 80% owned subsidiary, PT Dairi ...
Tuesday, 24 July 12
SHIP OWNERS WAITING FOR SHIP PRICES TO FALL FURTHER BEFORE MOVING IN MORE AGGRESSIVELY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the summer season already well under way and many ship owners getting ready for the autumn, the sale & purchasing activity of second hand v ...
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- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
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