Tanker orders turn to bulkers

Some tankers on the design board will travel down the slipway as bulkers.

Tanker owners are looking to convert their newbuildings into bulk carriers to cash in on the rates boom in dry cargo, with at least five yards being approached for changes to contracts.

Market sources say South Korea’s Daewoo Shipbuilding&Marine Engineering, Hyundai Heavy Industries, Hanjin Heavy Industries, Japan’s Sasebo Heavy Industries and China’s Jiangsu Rongsheng Heavy Industries Group have been asked to convert very large gas carriers (VLGCs), suezmax and aframax tankers into capesize vessels.

“The spot rate for capesize ships is at the historical high and when these tanker owners convert their newbuildings into capesize vessels, they can easily sell them for good money,” said a market observer.

He adds that the move is being driven by the current gas and oil-tanker business, which is not doing well in comparison with the bulker sector, and projections that the dry-cargo business will remain positive for some years to come.

Brokers say the Vafias group of Greece and Gulf Marine are two of the shipowners that have firmed up the conversion of two VLGC newbuildings at Daewoo (see story below). The two companies are believed to be paying an extra $20m per vessel for conversion.

A European owner that has two 114,000-dwt aframax tankers on order at Hanjin Heavy Industries for delivery in 2010 is also said to have plans to change the vessels into capesizes. However, Hanjin is said to be reluctant to make the contract swap and discussion on the conversion is incomplete.

Over at Hyundai, one Greek owner is also said to have also switched two suezmax tanker newbuildings into capesize ships. The identity of the shipping company is unknown.

However, an official from Hyundai denies that the shipyard has agreed to any contract conversion. He said: “It is true that some owners have approached us and tried to convert their tanker newbuildings into capesize vessels but we did not agree to that because of the extra work that we have to put into it.”

Over in Japan, Cido Shipping, which has five aframax tankers booked at Sasebo for delivery between the end of 2009 and the end of 2010, has also changed the crude-oil tankers into 180,000-dwt bulker newbuildings. The conversion of the contract is said to have taken place in the first half of this year.

Chen Qiang of Rongsheng confirms that his yard has been approached by owners of suezmax tankers to switch their newbuildings into capesizes. He says he is still considering their proposals.

Market observers say it makes sense for shipyards to accept the conversion as owners will be paying the price differences and, on top of that, the costs of building capesize bulkers are lower than that of building suezmax tankers or VLGCs.

On the other hand, one shipbuilding player says he does not understand why Daewoo has agreed to Vafias’s conversion request as procurement of the VLGCs’ equipment, suchas main engines, would have already been done.

“In this case, we think Vafias will be asked to pay for the engine cancellation fees and at the same time, the company will have to fork out the difference in price between the capesize newbuildings and the VLGCs,” said a shipbuilding observer.

Another market watcher says the conversion of the newbuilding contracts will bring additional “burden” to the shipyards as they will need to change the design of the vessels and go through the process of cancelling the equipment procurement.

He also cautions shipyards that if they allow such practices, owners may come to them again for conversions if the drybulk sector makes a turn and heads south in a few years time while tanker business takes off.

By Irene Ang, Shanghai

published: 19 October 2007

Sorry zbog duzine,ali mislim da ce biti od koristi[smiley4]

Asian players ride panamax market

Cosco of China appears to have made a solid profit in reletting a panamax bulker it took on charter earlier this year.

The 76,000-dwt CMB Italia (built 2005) is said to have been relet to compatriot owner Transfield for 31 to 36 months at $65,000 per day. Cosco fixed the vessel for three years at the beginning of the year for just $23,500 per day.

Far East-based players are dominating the period market for panamax vessels. Korea Line has taken the 74,000-dwt Medi Tokyo (built 1999) for three years at $62,000 per day, while Yang Ming has fixed the 74,000-dwt Calm Seas (built 1999) for 21 to 23 months at $67,000 per day.

A one-year charter has been concluded by Pioneer Navigation, which has fixed the 76,000-dwt Anthemis (built 2004) for 11 to 13 months at $80,000 per day.

The spot market for panamaxes stood at $88,000 per day as TradeWinds went to press, as compared with $83,200 per day a week ago.

A number of supramax period deals have also been concluded. Armada has booked the 52,000-dwt Thor Integrity (built 2001) for 17 to 19 months at $61,500 per day. The same charterer has also taken the 50,000-dwt Merlin (built 2001) for 24 to 26 months at $53,000 per day.

A couple of one-year deals have been concluded. Parkroad took the 55,000-dwt Tai Hunter (built 2007) at $71,750 per day and a South Korean charterer fixed the 52,000-dwt F Duckling (built 2000) at $62,500 per day.

Among smaller bulkers, the 40,000-dwt Antarios Breeze (built 1984) has been taken for two years at $38,500 per day. Korea Line has fixed the 28,400-dwt Eastern Star (built 2008) for a year at $42,000 per day.

By

ma da mi je samo jednodnevna zarada… jaooo [smiley1]

Fondovi su tu ponovo!![smiley2]

Hvala Basil,samo tako nastavi. Puno si nam pomogao

Definitivno! Prošlo je dosta blokova po 50 kom, 75 kom…
Jako dobro! [smiley2]

Čudni neki likovi , bez problema bi mogli izlazit i na 3800,oo .

Okvirni i orijentacioni izračun na brzaka pa ako sam pogriješio, neka me netko od iskusnih ispravi:

Imamo 2 nova panamax broda – blizanca.
Jedan (Libertas) plovi, drugi (Imperial) dolazi danas ili za koji dan.

Ako uzmemo – točno ili ne – da svaki ostvaruje 77.000 USD na dan – to je za oba nova broda
= 154.000 USD na dan.

Ne znam točno kakva je godišnja iskoristivnost tih dvaju brodova, ali zbog okvirne računice ću uzeti 360 dana.

360 dana x 154.000 USD vozarina na dan = 55.440.000 USD godišnje x 5,12 (srednji tečaj Erstebank)
= oko 284.000 milijuna HRK godišnje prihoda (ne dobiti !!!) [color=blue]s dva nova broda[/color]

A sada uzmemo dosadašnje godišnje prihode iz redovnog poslovanja (dakle, bez izvanrednih prihoda od prodaje brodova i sl.).

2004 2005 2006 simul. 2007 (temeljem 1H)

565.431 856.950 1.006.739 1.167.078

1.167 milijuna potencijalnih redovnih prihoda naspram 284 milijuna prihoda od dva broda.

Po ovoj orijentacionoj računici bi ispalo da samo dvije novogradnje (Libertas i Imeprial) ostvaruju 24% svih najnovijih godišnjih prihoda iz redovnog poslovanja

A što je s ostalim brodovima? [smiley2]

I još dodaj novih 5 što dolaze

Cit: […i]360 dana x 154.000 USD vozarina na dan = 55.440.000 USD godišnje x 5,12 (srednji tečaj Erstebank)
= oko 284.000 milijuna HRK godišnje prihoda (ne dobiti !!!) s dva nova broda[/i]….

Ako oduzmemo 17.000 USD dnevno po brodu na troškove , ostaje više od 200 mil kn godišnje dobiti.
To je dvostruka dobit ATPL iz 1H 2007.