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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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Wednesday, 14 January 15
DRY BULK MARKET NOTED ANOTHER WEEKLY DECLINE - INTERMODAL
COALspot.com: The Dry bulk market noted another weekly decline on Friday, with the performance of the Capesize market still weighing down on the re ...
Wednesday, 14 January 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
In Oil we trust! The Barrel price has declined by almost a third in comparison to the 2014 January and has being on the downhill since early last s ...
Wednesday, 14 January 15
COMMODITIES AREN'T PRIMED FOR A REBOUND DURING 2015: SHIPPING COULD BENEFIT FROM LOWER PRICES - ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In the recent past, higher commodity prices were driven by an increase in demand from developing countries, which spelled good news for ship owners ...
Wednesday, 14 January 15
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1 DELIVERY CLOSED AT US$ 46.97 PMT
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week.
The Q1 swap has fell US$ 1.53 (-3.15 ...
Wednesday, 14 January 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED 4.51% LOWER COMPARED TO Q1' 15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.56 per MT (-3.0%) month over month and US$ 1.03 (-2.0%) week ove ...
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- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Planning Commission, India
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- The University of Queensland
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- PTC India Limited - India
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
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