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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 $3.4billlion. The bulk carrier segment is the segment that posed the least downfall among other vessel categories in the purchase of secondhand units compared with the first half of 2011.
Sources: Nikos Roussanoglou, Hellenic Shipping
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Tuesday, 22 May 12
DRY BULK MARKET STEADY, AWAITING FURTHER RISE IN DEMAND WHICH IS DOUBTFUL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, the second and third quarters of the year are the strongest for the dry bulk market, but this year, things seem to be quite subdued, ...
Sunday, 20 May 12
SPOT FREIGHT RATE DIPS FURTHER - VISTAAR
COALspot.com - The BDI was marginally up by 3 points (0.26 pct) closing at 1,141 points.
The cape index was up by 1.17 pct closing at 1,633 point ...
Saturday, 19 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP US$ 2.88 PMT W-O-W
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries have drops this week by 3.86 percent and& ...
Saturday, 19 May 12
INDONESIAN EXPORT TAX GIVES COAL MINERS A CHEAP RIDE: ANALYSTS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s policy to exclude coal from an export tax that has been applied to 14 other mineral commodities h ...
Friday, 18 May 12
EXPORT TAX WILL ERODE PROFITS, INDONESIAN COAL EXEC COMPLAINS - THE JAKARTA GLOBE
The Jakarta Globe reported that, A 20 percent export duty the government has imposed on 14 mineral ore products will not only take a toll on mining ...
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- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- The University of Queensland
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
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