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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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Tuesday, 03 July 12
DRY BULK MARKET INCHED FORWARD AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched forward at the beginning of the new week, prior to the US holidays regarding the celebration of the 4th of July, which is ...
Monday, 02 July 12
ORPHEUS STRENGTHENS REVENUE STREAM WITH NEW ROYALTY AGREEMENT AT THE B2 COAL PROJECT
Orpheus Energy (ASX:OEG) is pleased to advise that it has executed a life of mine Royalty Agreement with Indonesian mining contractor PT Debbia Mini ...
Monday, 02 July 12
DRY BULK DEMAND TO RISE TO 3.6 BILLION TONNES IN 2012, BUT NEW BUILDING DELIVERIES ARE
In its latest analysis on the dry bulk market fundamentals, DVB Bank said that dry bulk cargo demand is forecast to rise to approximately 3.6 billio ...
Sunday, 01 July 12
AUSTRALIAS CARBON TAX - SUNIL K KUMBHAT
COALspot.com - Climate Change
Climate change and global warming have now become buzzwords the world over. The disastrous consequences for global ...
Sunday, 01 July 12
DSP OF SGX ASIACLEAR OTC COAL SWAP'S THIS WEEKS MOVEMENTS SLIGHTLY POSITIVE
COALspot.com - SGX AsiaClear OTC Coal Swaps have recovered slightly this week and Q4 deliveries are also showing positive direction.
SGX’s ...
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- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- The University of Queensland
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- White Energy Company Limited
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
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