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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, 30 December 14
U.S WEEKLY COAL PRODUCTION ALMOST FLAT AT -0.2%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Monday, 29 December 14
CHINESE COAL IMPORTS: REGULATORY RISKS? - CLARKSONS
In recent years, Chinese seaborne coal imports have surged, registering average growth of 67% p.a. between 2009 and 2013 to total 265mt. However, t ...
Monday, 29 December 14
BULK MARKET ENDS YEAR ON SOUR NOTE, SHIPBROKER SEES 'BUMPY ROAD AHEAD' - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2014 was supposed to be the year that the dry bulk market would stage a comeback and a sustainable one for that matter. However, while for the most ...
Monday, 29 December 14
Q1'15 CFR SOUTH CHINA COAL SWAP CLOSED AT $59.42
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.51 (-5.58%) month over month and US$ 0.08 (-0.13%) ...
Monday, 29 December 14
SGX'S FOB NEWCASTLE COAL SWAPS IMPROVED W-O-W, LOST M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.44 per MT (-2.73%) month over month and gained US$ 0.36 (+0.71%) ...
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- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
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- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- PTC India Limited - India
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Edison Trading Spa - Italy
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- The University of Queensland
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
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