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