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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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Friday, 22 June 12
COAL: THE BACKBONE OF MODERN ELECTRICITY - ECOAL
Coal has been described as the "forgotten fuel," perhaps because many aren't aware of the huge role it plays in powering the global econo ...
Thursday, 21 June 12
DRY BULK MARKET ON THE RISE AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was on the rise once again yesterday, with the Baltic Dry Index (BDI), the industry’s benchmark, rising by 18 points, or 1 ...
Wednesday, 20 June 12
BDI MOVING HIGHER, PANAMAX AND SUPRAMAX VESSELS STRONGER, CAPESIZE RATES NEAR TO HISTORICAL LOWS OF DECEMBER 2008 - MARIA BERTZELETOU, HELLENIC SHIPPING
The dry market seems to follow the dynamic of the previous week with the Baltic Dry Index showing daily increases since June 8th, but is still stand ...
Tuesday, 19 June 12
SMALLER DRY BULK CARRIERS LIFT UP MARKET, PANAMAXES SET TO FALL SAYS ANALYST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Another rise for the dry bulk market was evident yesterday, as the industry’s benchmark, the BDI (Baltic Dry Index) was up for a ninth straigh ...
Sunday, 17 June 12
S7 & S8 ROUTES ARE LIKELY TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The BDI gained some increase after continues fall for several weeks.
The BDI increased by 47 points (up by 5.36 pct) closing at 92 ...
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- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
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