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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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Tuesday, 13 January 15
MORE PITFALLS FOR OWNERS LOOKING TO TERMINATE FOR UNPAID HIRE - INCE & CO
KNOWLEDGE TO ELEVATE
It is a debatable point whether or not the obligation to pay hire under a time charter is a condition of the contract or ...
Tuesday, 13 January 15
Q2 CFR SOUTH CHINA COAL SWAP DECLINED 8.66% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined by US$ 3.48 (-5.73%) month over month and US$ 2.35 (-3.94%) week ...
Tuesday, 13 January 15
Q1' 2015 RICHARDS BAY COAL SWAP SLIGHTLY HIGHER THAN Q2 & Q4 2015 SWAPS
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 7.21 ...
Monday, 12 January 15
COAL: LOW PRICES ARE EXPECTED TO DRIVE A SUPPLY-DRIVEN RECOVERY IN THE MEDIUM TERM - SGX
COALspot.com: Thermal coal prices dropped to six-year lows in 2014 driven by persistent oversupply, SGX says in its “ Commodities 2014 - A ye ...
Monday, 12 January 15
FREIGHT MARKET: 2015 FLEET SUPPLY GROWTH IS EXPECTED TO REMAIN SLIGHTLY AHEAD OF CARGO GROWTH - SGX
COALspot.com: The dry bulk freight market was forced to digest a number of negatives in 2014 leading the Baltic Dry Index to fall 66% through the y ...
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- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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