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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, 07 July 12
BALTIC INDEX UP ON STRONG CAPE, PANAMAX RATES - VISTAAR
COALspot.com - This week all the segments were firmed up with BDI up by 15.23 pct (up by 153 points) closing at 1,157 points.
The cape index also ...
Saturday, 07 July 12
DRY BULK MARKET NOT ABLE TO FIND SOLID GROUND SAY EXPERTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the second half of each, traditionally looking the most active one, especially in terms of newbuildings being delivered, it's highly unlikely ...
Thursday, 05 July 12
GOVT GETS READY FOR $1.8B SUIT - THE JAKARTA POST
The Jakarta Post, one of the leading Indonesian English new papers reported that, several ministries and the Attorney General’s Office held a ...
Thursday, 05 July 12
DRY BULK MARKET MOVES FURTHER UP THE HILL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its growth momentum by the middle of the week, as the BDI (Baltic Dry Index) rose by an additional 40 points to 1,103 p ...
Thursday, 05 July 12
BUMI ACHIEVES HIGHER SELLING PRICE IN FIRST QUARTER
COALspot.com - PT Bumi Resources Tbk (BUMI), Indonesia's largest coal producer and exporter, has successfully maintained a higher sales margin, des ...
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- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
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