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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, 23 December 14
SHIPOWNERS ARE FINALIZING MORE DEALS AS YEAR END COMES CLOSER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS WORLDWIDE
With the 2014 year just a few days before waving goodbye, shipowners are looking to close their pending deals in both the newbuilding and S&P m ...
Monday, 22 December 14
Q2'15 CFR SOUTH CHINA COAL SWAP CLOSED $ 0.30 LOWER THAN Q1'15 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.67 (-5.81%) month over month and US$ 0.35 (-0.58%) ...
Monday, 22 December 14
API 5 FOB NEWCASTLE COAL SWAPS ARE HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.71 per MT (-3.24%) and closed at US$ 51.02 on 19 December month ...
Sunday, 21 December 14
PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA FALLS FURTHER
COALspot.com: The BDI continued its fall as cape index lost heavily week on week.
The BDI was down 6.95 percent week over week and closed at 8 ...
Friday, 19 December 14
HOW WILL LOWER BUNKER PRICES AFFECT THE SUBSTANTIAL OVERCAPACITY IN DRY BULK MARKET? - BIMCO
As bunker fuel costs have come down from USD 600 per tonnes to USD 330 per tonnes in the past 6 months, much talk about increased ship speed have s ...
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- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- The University of Queensland
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Australian Coal Association
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
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