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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, 19 December 14
U.S WEEKLY COAL PRODUCTION REACHED APPROXIMATELY 19.8 MMST; UP 1.0% WOW
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Friday, 19 December 14
HANDY: SOFTER TONE; PANAMAX: QUIET WEEK; CAPESIZE; PAINFUL WEEK
Handy
A softer tone for rates and volumes for the Supras, perhaps less apparent in the Pacific the last week before the season holidays and good ...
Thursday, 18 December 14
INDONESIA TO REVISE UP COAL OUTPUT TARGET TO 460 MILLION TONS IN 2015
COALspot.com: Indonesian government has revised up its next year coal output forecast to 460 million tons from its previous forecast of 421 million ...
Wednesday, 17 December 14
CAPES RATES SLIPPED BELOW $5,600/DAY, FELL 84% YOY
COALspot.com: In the very rare occurrence when the BCI stands below the BDI, words to describe market sentiment are probably poor, said Intermodal ...
Wednesday, 17 December 14
MARKET INSIGHT - INTERMODAL SHANGHAI, SNP TEAM
As the end of the fourth quarter is approaching, we are all witness to the second hand market prices softening day by day. Any new deal surfacing t ...
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- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- The University of Queensland
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
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