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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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Friday, 26 December 14
SHIPS FACE LOWER SULPHUR FUEL REQUIREMENTS IN EMISSION CONTROL AREAS FROM 1 JANUARY 2015 - IMO
Ships trading in designated emission control areas will have to use on board fuel oil with a sulphur content of no more than 0.10% from 1 January 2 ...
Wednesday, 24 December 14
CAPE DEMAND WAS STILL EXTREMELY SOFT THIS PAST WEEK ACROSS BOTH BASINS - INTERMODAL
COALspot.com: The performance of the Dry Bulk market, which found itself in desperate search of support for yet another week, has left very little ...
Wednesday, 24 December 14
MARKET INSIGHT - JOHN N. COTZIAS, INTERMODAL SNP BROKER
The year is coming to an end, and we should be able to assess if this was a good year, a bad year, or even a lousy one? The answer clearly de ...
Tuesday, 23 December 14
Q1'15 FOB INDONESIA COAL SWAP GAINED 48 CENTS IN ONE WEEK
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and gained week over week and day on day.
The Q1 swap has lo ...
Tuesday, 23 December 14
Q4'15 FOB RICHARDS BAY COAL SWAPS FALL $ 3.85 IN A MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 2.13 (-3.17%) month on month ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Central Electricity Authority - India
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Parliament of New Zealand
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Posco Energy - South Korea
- MS Steel International - UAE
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
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