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Tuesday, 30 December 14
SHIP PRICES KEEP ON FALLING, SALES COME EARLY FOR SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 Ship prices keep on falling on the back of low freight rates. According to the latest report from shipbroker Allied Shipbroking, January sales seem to have come early this year, though there seems to be further dis-counts to be offered in the market once the New Year kicks off. “With such corrections being noted it’s worth taking a round-up of the price trends we have seen over the past 8 months since the market started its downward spiral. In particular, it’s interesting to go through the Capes and Panamaxes which have also been the ones noting the sharp-est corrections, while reaching very interesting levels of late”.
Allied’s Head of Market Research and Asset Valuations, Mr. George Lazaridis, “since April we have seen a radical decline in prices for secondhand vessels in both these size segments. 5 and 10 year old Capes have shown a whopping 25% and 26% decline in prices during this period, reaching levels of around US$ 39.0 and US$ 27.5 million respectively. These figures become all the more noteworthy, as a newbuilding order could still set you back US$ 54.0m, meaning that you can snatch up a 5 year old vessel at 72% of the price of a new order, while a 10 year old vessel is at just under 51%”.
Lazaridis added that “things get even more enticing when you look at the Panamaxes, with prices for new or-ders set at US$ 30.0m for a Kamsarmax and US$ 29.0m for a Panamax (although the latter is hardly offered by shipbuilders any more), while prices for 5 year old Panamax-es are in the region of about US$ 20.0m and 10 year old vessels are going for around US$ 14.5m. Therefore, in the case of Panamaxes, 5 year old and 10 year old secondhand assets are currently going for a discount 39% and 50% respectively when compared to the price of a new order, while the difference becomes even bigger when compared to the cost of ordering a Kamsarmax. This has largely been due to the faster pace correction in secondhand Panamax prices during these past 8 months, as we not-ed a 29% decline in 5 year old assets and an impressive 37% decline in 10 year old as-sets”.
The shipbroker’s analyst raised the question of what does this all mean and where should buying focus be centred on next? According to Mr. Lazaridis, “the truth is at the moment and as things stand it makes more sense to go for secondhand assets when looking purely on the price being paid. There are however many out there that will say that these newbuildings are not comparable in design features to the older tonnage, while their payment terms are more favourable during the current poor per-forming freight market. That may well be beyond the underlying point though, as both asset classes are still well above where they stood in late 2012 when the market had reached its most recent bottom”.
Meanwhile, “at the same time further discounts could easily be seen in secondhand tonnage, as there is no real barrier preventing further price drops and with things becoming more difficult in terms of earnings, we are surely to see fur-ther discounts down the line. In the case of newbuildings though things are a bit tricki-er. Despite the intense competition amongst shipbuilders to secure the interest of any perspective buyers, they have barriers preventing them from offering discounts which are “too low”. The main ones are construction costs and ease of finance. With steel pric-es having declined considerably and looking to remain under pressure in the near-term, the first barrier shouldn’t be too difficult to overcome. The latter however is a bit more problematic. Shipbuilding finance has already faced significant problems during the first half of the year, and it looks as though it will be even harder for shipbuilders to assist in finance and guarantee letters for their offered ships if their margins are lack-ing. As such, it seems that we are primed for perfect conditions to promote secondhand tonnage in the New Year and with all this interest mounting, one becomes curious to see at which point the starting pistol will be fired to spark off another secondhand buy-ing spree rally”, the shipbroker concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Monday, 19 January 15
FOB RICHARDS BAY COAL SWAP FOR Q4 DELIVERY CLOSED 4% LOWER THAN Q1 DELIVERY PRICE
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and week over week.
The Q1 swap has f ...
Sunday, 18 January 15
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES ARE EXPECTED TO REMAIN WEAK NEXT WEEK
COALspot.com: The BDI was up 4.51 pct week on week on Friday 16, January 2015. The BDI closed at 741 points on this Friday after gaining arou ...
Friday, 16 January 15
U.S. WEEKLY COAL PRODUCTION UP 7.3% W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Thursday, 15 January 15
PANAMAX : MARKET CONTINUE ON LOW PACE - FEARNLEYS
Handy
On a general basis we can say that rates are softening in both hemispheres. Although for some specific trades we can see premiums being ach ...
Thursday, 15 January 15
LOW CASH COSTS, GOOD LIQUIDITY HELP ASIAN OIL COMPANIES IN PRICE ROUT - FITCH
Fitch Ratings says that rated oil and gas production companies in Asia can comfortably operate under low oil prices for some time given their gener ...
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- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
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