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