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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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Monday, 15 December 14
CFR SOUTH CHINA COAL SWAP LOST $3.37 M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3,37 (-5.33%) month over month and US$ 1.58 (-2.57%) ...
Monday, 15 December 14
Q1' 15 FOB NEWCASTLE COAL SWAP CLOSED AT $ 51.45 ON 12 DEC
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.45 per MT (-2.74%) closed at US$ 51.45 on 12 December month over ...
Sunday, 14 December 14
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The Baltic Dry Index (BDI), a measure of commodity-shipping costs, fell 12.12 pct to 863 points week ending 12 December 2014.
Th ...
Friday, 12 December 14
LIMITED TRADING AND AN OVERSUPPLY OF TONNAGE PUSHED HANDY SIZE SHIPS TO DOWN IN USG
Handy
We have seen the TA spot market come down this week lead by limited trading and an oversupply of tonnage in the USG, Fearnleys said in its ...
Friday, 12 December 14
U.S WEEKLY COAL PRODUCTION UP 3.4% W/E DECEMBER 6
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.6 million short tons (mmst) of coal ...
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- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- The University of Queensland
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- White Energy Company Limited
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
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