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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, 14 July 12
FREIGHT MARKET SEEMS TO BE QUITE VOLATILE - VISTAAR
COALspot.com - The market seems to be quite volatile with the trend changing almost every week. This week all the segments were down except for Pana ...
Friday, 13 July 12
TRANSCOAL MINERGY HAS RECEIVED PMA STATUS IN INDONESIA
COALspot.com - PT Transcoal Minergy (“TCM”) has received official foreign owned company status from the Capital Investment Coordinating ...
Thursday, 12 July 12
LACK OF CAPESIZE DEMAND DRAGS DRY BULK MARKET LOWER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lack of demand for the larger Capesize dry bulk carriers had as a result the fall of the industry’s benchmark, the BDI (Baltic Dry Index), w ...
Thursday, 12 July 12
RIO TINTO'S SENIOR MANAGEMENT CHANGES
COALspot.com - Rio Tinto is making changes to its senior management team as chief financial officer (CFO) Guy Elliott has decided to retire at the e ...
Thursday, 12 July 12
SOUTHGOBI RESOURCES ANNOUNCES NOTICE OF INVESTMENT DISPUTE FILED AGAINST MONGOLIAN GOVERNMENT
Press Release - SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi”) announced today that SGQ Coal Investment Pte. Ltd., a wholly ...
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- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- PTC India Limited - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- The University of Queensland
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
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