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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, 16 June 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA COAL CONTRACT SWAPS ARE UNDER PRESSURE
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for July deliveries seems to be under pressure this week.&nbs ...
Friday, 15 June 12
CAPESIZE - THE LEVELS THAT DID FIX ARE DOWN W-O-W LEVELS - FEARNLEYS
Handy
Another slow-moving market with rates hovering at same level as last week. US Gulf positions fixed USD 25,000 for trips to Cont/Passero and S ...
Thursday, 14 June 12
SMALLER DRY BULK CARRIERS LIKELY TO FACE MORE CHALLENGES; DEMOLITION ACTIVITY SET FOR RECORD YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest update on the dry bulk markets, BIMCO said that China is partly “failing to deliver” on raw material imports that can affe ...
Wednesday, 13 June 12
LOW COAL PRICES COULD CHANGE SUPPLY SIDE DYNAMICS - FITCH RATINGS
Fitch Ratings believes that the weakness seen in thermal coal prices in recent months should reverse once demand from major importers recovers, alth ...
Tuesday, 12 June 12
ITACHA RESOURCES BUYS SARANA MARINE - INSIDER STORIES
Insider Stories reported that, coal mining company PT Itacha Resources, a joint venture between Anthoni Salim and Glenn Yusuf, announced that Itacha ...
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- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- PTC India Limited - India
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- The University of Queensland
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
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