Below is the news regarding the maximum imposition of imported vessels allowed. This is a positive development for Indonesian Shipping companies. With current implementation of cabotage law which requires Indonesian flags to be able to trade between Indonesian ports and the fact that Indonesia has not adopted the IMO regulation of mandatory scrapping of non double hull vessels, all of the non-double hulls vessels which are very cheap at this moment pending the deadline to 2010 can be added into the fleet and essentially in the future, given the age restriction, only DH ships which are relatively more expensive will compete with us.
Jumat, 01/05/2009 08:08 WIB
Impor Kapal Bekas Maksimal Berumur 15 TahunSuhendra - detikFinance
(Foto: dok detikcom)
Jakarta - Pemerintah akan menetapkan batas usia impor pembelian kapal (laut) bekas maksimal 15 tahun pada tahun 2011. Saat ini izin impor kapal bekas masih diberikan untuk usia kapal maksimal 25 tahun.Demikian disampaikan Direktur Jenderal Industri Alat Transportasi dan Telematik Departemen Perindustrian Budi Dharmadi saat ditemui di gedung DPR RI, Kamis (30/4/2009)."Kapal bekas itu boleh impor tetapi maksimum 25 tahun karena beda dengan mobil, kapal umurnya lebih panjang.Tahun depan kita berencana mengurangi menjadi 20 tahun, tahun depan dikurangi lagi menjadi 15 (2011)," jelasnya.Mengenai aturan impor ini, lanjut Budi, sedang dibicarakan dengan Departemen Perdagangan, nantinya ketentuannya akan diatur dalam bentuk peraturan menteri perdagangan (permendag)."Nanti maksimal itu yang diizinkan 15 tahun di 2011, sebab ini yang berlaku dinegara-negara lain didunia," jelas Budi. Ketentuan ini menurutnya tidak terlepas dari upaya melindungi industri galangan kapal di dalam negeri dan meningkatkan standar keamanan kapal yang beroperasi di dalam negeri."Di dunia ini sekarang 15 tahun tapi kalau teknologi berubah atau model angkutan berubah mungkin saja para ahli kapal berkumpul lagi," katanya.Sebelumnya Ikatan Perusahaan Industri Kapal dan Lepas Pantai Indonesia (Iperlindo) mendesak kepada pemerintah agar mempertimbangkan atau merevisi ketentuan impor kapal bekas yang saat ini masih diberikan izin dengan usia 25 tahun. Jika batas usia izin impor bisa lebih rendah lagi maka tentunya akan mendorong industri galangan kapal di dalam negeri, karena sebagian besar untuk jenis kapal tertentu produksi dalam negeri sudah mampu memenuhinya.Sampai saat pemerintah masih mengizinkan impor kapal bekas yang mengacu pada peraturan Keputusan Presiden (Keppres) No. 22 tahun 1998 tentang Impor Kapal Niaga dan Kapal Ikan Dalam Keadaan Baru dan Bukan Baru. Selain itu, ada Peraturan Menteri Perdagangan (Permendag) No49 tahun 2007 tentang ketentuan impor barang modal bukan baru, termasuk kapal bekas berusia di bawah 25 tahun
Thursday, 30 April 2009
Wednesday, 29 April 2009
Eitzen axes again
Eitzen Chemical has cleared its newbuilding slate with the sale of its final three ships to clients of Laurin Maritime.
Eitzen Chemical managing director Terje Askvig
The trio of ships are building at Brodotrogir in Croatia and have been sold through a novation agreement, Eitzen said.
Under the deal Laurin Maritime will assume all rights and obligation the Company has towards the yard, including all further payment obligations.
The basis for the deal is a total price of $124m including extras. However, it is conditional on approval from the yard and its refund guarantors.
Earlier this month Eitzen Chemical chopped an order for five chemical carriers at Japan’s Sasaki Zosen due to the global financial crisis.
Walking away from those newbuildings cost the Oslo-listed owner the $7.5m deposit plus a further cancellation payment of $7.5m due in November.
However, the decision to axe the order for the 12,000-dwt ships helped slice $175m from its newbuilding commitments.
“Together with the agreement with the Japanese yard, which now is final and unconditional, and the four newbuilding delivered this year, our capital expenditure program has been reduced from $350m at the beginning of the year to zero,” said chief executive Terje Askvig.
“We believe this will contribute to facilitate an agreement which we have initiated with our lenders to amend the debt repayment schedule and the covenant structure to better fit the current market environment.”
In addition Eitzen Chemical said it has found it necessary to increase the impairment charge as of year end 2008 to $313m, up from $156m previously reported.
It does not expect to record a loss from the above transaction, nor does it expect to record a loss from the cancellations in Japan reported earlier, except for the $7.5m cancellation fee.
Eitzen Chemical operates a fleet of 84 vessels – 68 of which are owned and leased, and a further 16 vessels are operated for partners.
By Dale Wainwright in Singapore
Eitzen Chemical managing director Terje Askvig
The trio of ships are building at Brodotrogir in Croatia and have been sold through a novation agreement, Eitzen said.
Under the deal Laurin Maritime will assume all rights and obligation the Company has towards the yard, including all further payment obligations.
The basis for the deal is a total price of $124m including extras. However, it is conditional on approval from the yard and its refund guarantors.
Earlier this month Eitzen Chemical chopped an order for five chemical carriers at Japan’s Sasaki Zosen due to the global financial crisis.
Walking away from those newbuildings cost the Oslo-listed owner the $7.5m deposit plus a further cancellation payment of $7.5m due in November.
However, the decision to axe the order for the 12,000-dwt ships helped slice $175m from its newbuilding commitments.
“Together with the agreement with the Japanese yard, which now is final and unconditional, and the four newbuilding delivered this year, our capital expenditure program has been reduced from $350m at the beginning of the year to zero,” said chief executive Terje Askvig.
“We believe this will contribute to facilitate an agreement which we have initiated with our lenders to amend the debt repayment schedule and the covenant structure to better fit the current market environment.”
In addition Eitzen Chemical said it has found it necessary to increase the impairment charge as of year end 2008 to $313m, up from $156m previously reported.
It does not expect to record a loss from the above transaction, nor does it expect to record a loss from the cancellations in Japan reported earlier, except for the $7.5m cancellation fee.
Eitzen Chemical operates a fleet of 84 vessels – 68 of which are owned and leased, and a further 16 vessels are operated for partners.
By Dale Wainwright in Singapore
Tuesday, 28 April 2009
Clarkson: "recession in the industry's mind, not its pocketbook"
Tuesday, 28 April 2009
Shipping today, although supposedly in deep crisis, is in reality still wallowing in cash after one of the best years in its history. This is the conclusion of Martin Stopford, Clarkson’s research boss, writing in the firm’s latest weekly report. Although the Clarksea index hit a new all-time low of $7,500 a few days ago, the last 12 months is still one of the most profitable on record. Since its peak - $50,381 a day last May, the index has lost about $1,000 each week. However, the 12-month rolling average of the index, which covers the tanker, bulk carrier, gas and containership sectors and is therefore a good reflection of the industry generally, is still at $26,000 a day, admittedly down from its 2008 peak of $38,950, but still not far below the previous all-time peak of $30,000 in May 2005. “From a financial point of view, these numbers tell us that recession is in the industry’s mind, not its pocketbook,” Stopford says. No wonder, he says, that the queue of potential investors looking for bargains is finding a disappointing absence of desperate sellers. In fact, he says, at this stage in the game, after five years of record profits, it would require a special talent to be running out of cash! There are disappointing implications for demolition, however, Stopford believes. Although 10m dwt of ships was scrapped during the first quarter of the year - compared with 12.6m for the whole of 2008 - this momentum is only likely to be maintained based on fears about the future, rather than financial hardship at present.
Source: SeaTradeAsia-Online
Shipping today, although supposedly in deep crisis, is in reality still wallowing in cash after one of the best years in its history. This is the conclusion of Martin Stopford, Clarkson’s research boss, writing in the firm’s latest weekly report. Although the Clarksea index hit a new all-time low of $7,500 a few days ago, the last 12 months is still one of the most profitable on record. Since its peak - $50,381 a day last May, the index has lost about $1,000 each week. However, the 12-month rolling average of the index, which covers the tanker, bulk carrier, gas and containership sectors and is therefore a good reflection of the industry generally, is still at $26,000 a day, admittedly down from its 2008 peak of $38,950, but still not far below the previous all-time peak of $30,000 in May 2005. “From a financial point of view, these numbers tell us that recession is in the industry’s mind, not its pocketbook,” Stopford says. No wonder, he says, that the queue of potential investors looking for bargains is finding a disappointing absence of desperate sellers. In fact, he says, at this stage in the game, after five years of record profits, it would require a special talent to be running out of cash! There are disappointing implications for demolition, however, Stopford believes. Although 10m dwt of ships was scrapped during the first quarter of the year - compared with 12.6m for the whole of 2008 - this momentum is only likely to be maintained based on fears about the future, rather than financial hardship at present.
Source: SeaTradeAsia-Online
Tanker sector in the crisis - a comparative position
Tuesday, 28 April 2009
The tanker sector was the last of the three major shipping sectors -containers, dry bulk and tanker - to be hit hard by the crisis. Because of the strict vetting system and pollution laws, it has the highest operating standards. There is specific legislation that compels removal of older tonnage from the fleet. The companies are generally older and more mature with stronger balance sheets and reserves than listed companies in the other sectors.
Most tanker companies have been less aggressive in expansion than their counterparts the other two sectors. The order book is large, but smaller comparatively with the other two sectors and there is compulsory phase out of older single hull tonnage and stricter age limitations for trading. There is definitely an over capacity problem that needs to be worked out and some over extended companies. AnalysisTanker companies have generally been pioneers in shipping. They developed the concept of very large vessels. They made great strides in hull design with double bottoms, segregated ballast and double hull. They developed innovative cargo system designs to carry specialty cargoes like LNG, LPG, chemicals and clean petroleum products.
They were also innovative financially. Companies like OSG were among the first to go to public markets. In the latest upturn, they were among the first to expand. Genmar did an early block vessel acquisition from Metrostar. OSG bought out Stelmar. These were timely acquisitions, taking advantage of the upward market cycle.Ironically, Top Ships - a laggard, under-performer in the sector- was one the first listed companies to restructure with its lenders, selling off a large part of its fleet in 2008 to de-leverage and improve liquidity. It was a timely move.The tanker sector was not as hard hit in the fall of 2008 as its counterparts in other sectors. Rates were down, but not catastrophically low. For a time, the sector benefited from extreme contango, where there was an increased demand for storage and the winter season. Perhaps, however, this storage demand contributed in part to the current market conditions where the fall in activity and freight levels has really begun to bite hard. The clean product market has been dismal lately and the fallout is impacting negatively also the chemical trades.Since most tanker companies have stronger balance sheets than their shipowner brethren in the other two sectors, they in a better position to weather the storm.
The extreme case is Nordic-American (NAT), which is entirely free of senior debt and carries only market risk. Others like OSG have over US$ 1 billion in liquidity. So far there have not been dilutive new capital raises to pay down down debt and cover losses as has been endemic in the dry bulk sector.With major oil companies as customers, their counter party default risks are smaller that the dry bulk sector, although there are some disturbing rumors about charter payment delays lately. They also are generally less exposed to massive asset impairment from large block vessel acquisition and M&A deals late in the cycle, where many dry bulk owners have taken big losses. Tanker values, however, are beginning to fall at a faster pace than previously.
BLT is a notable exception buying out Chembulk (former MTM) at a mark up price from AMA with heavy debt finance very late in the cycle. Eitzen has been struggling from overexpansion. The Arlington merger with Genmar was a timely sellout, but it is relatively small deal for Georgiopoulos Group done on a conservative basis. Frontline may have some problems with their block acquisition of the TOPS Suezmax fleet. The vessels are older and said to be without center bulkheads, not the most desirable tonnage to have in this market.We can only hope that the current low oil prices will lead to new demand soon and the needs for crude oil prove more inelastic than other sectors.
Emerging economies like China and India are more oil intensive than Western developed countries. A growing number of oil producers will be in need to export more for their growing domestic needs. Seaborne transportation distances for crude oil are likely to remain large. Some economists are predicting a pick up in economic activity by the end of 2009, but others feel than 2010 will be a lackluster year. In the meantime, there is certainly going to be some restructuring and consolidation in this sector.
Source: Gerson Lehman Group
The tanker sector was the last of the three major shipping sectors -containers, dry bulk and tanker - to be hit hard by the crisis. Because of the strict vetting system and pollution laws, it has the highest operating standards. There is specific legislation that compels removal of older tonnage from the fleet. The companies are generally older and more mature with stronger balance sheets and reserves than listed companies in the other sectors.
Most tanker companies have been less aggressive in expansion than their counterparts the other two sectors. The order book is large, but smaller comparatively with the other two sectors and there is compulsory phase out of older single hull tonnage and stricter age limitations for trading. There is definitely an over capacity problem that needs to be worked out and some over extended companies. AnalysisTanker companies have generally been pioneers in shipping. They developed the concept of very large vessels. They made great strides in hull design with double bottoms, segregated ballast and double hull. They developed innovative cargo system designs to carry specialty cargoes like LNG, LPG, chemicals and clean petroleum products.
They were also innovative financially. Companies like OSG were among the first to go to public markets. In the latest upturn, they were among the first to expand. Genmar did an early block vessel acquisition from Metrostar. OSG bought out Stelmar. These were timely acquisitions, taking advantage of the upward market cycle.Ironically, Top Ships - a laggard, under-performer in the sector- was one the first listed companies to restructure with its lenders, selling off a large part of its fleet in 2008 to de-leverage and improve liquidity. It was a timely move.The tanker sector was not as hard hit in the fall of 2008 as its counterparts in other sectors. Rates were down, but not catastrophically low. For a time, the sector benefited from extreme contango, where there was an increased demand for storage and the winter season. Perhaps, however, this storage demand contributed in part to the current market conditions where the fall in activity and freight levels has really begun to bite hard. The clean product market has been dismal lately and the fallout is impacting negatively also the chemical trades.Since most tanker companies have stronger balance sheets than their shipowner brethren in the other two sectors, they in a better position to weather the storm.
The extreme case is Nordic-American (NAT), which is entirely free of senior debt and carries only market risk. Others like OSG have over US$ 1 billion in liquidity. So far there have not been dilutive new capital raises to pay down down debt and cover losses as has been endemic in the dry bulk sector.With major oil companies as customers, their counter party default risks are smaller that the dry bulk sector, although there are some disturbing rumors about charter payment delays lately. They also are generally less exposed to massive asset impairment from large block vessel acquisition and M&A deals late in the cycle, where many dry bulk owners have taken big losses. Tanker values, however, are beginning to fall at a faster pace than previously.
BLT is a notable exception buying out Chembulk (former MTM) at a mark up price from AMA with heavy debt finance very late in the cycle. Eitzen has been struggling from overexpansion. The Arlington merger with Genmar was a timely sellout, but it is relatively small deal for Georgiopoulos Group done on a conservative basis. Frontline may have some problems with their block acquisition of the TOPS Suezmax fleet. The vessels are older and said to be without center bulkheads, not the most desirable tonnage to have in this market.We can only hope that the current low oil prices will lead to new demand soon and the needs for crude oil prove more inelastic than other sectors.
Emerging economies like China and India are more oil intensive than Western developed countries. A growing number of oil producers will be in need to export more for their growing domestic needs. Seaborne transportation distances for crude oil are likely to remain large. Some economists are predicting a pick up in economic activity by the end of 2009, but others feel than 2010 will be a lackluster year. In the meantime, there is certainly going to be some restructuring and consolidation in this sector.
Source: Gerson Lehman Group
Sunday, 26 April 2009
BLT - Research Report by Danareksa
Dear All,
Please find attached the link to the above research report.
http://rapidshare.com/files/226225655/2009.04.27_BLT_Research_Report.pdf
Thank you for your attention.
Regards
Please find attached the link to the above research report.
http://rapidshare.com/files/226225655/2009.04.27_BLT_Research_Report.pdf
Thank you for your attention.
Regards
BLT - Media News on Cabotage
Dear All,
Please find attached the related news.
http://rapidshare.com/files/226203812/2009.04.27_Media_News_Cabotage.pdf
Thank you for your attention.
Please find attached the related news.
http://rapidshare.com/files/226203812/2009.04.27_Media_News_Cabotage.pdf
Thank you for your attention.
Thursday, 23 April 2009
BLT - Media News about Dividend
By Berni Moestafa
April 23 (Bloomberg) -- PT Berlian Laju Tanker, Indonesia’s biggest shipping company, dropped the most in more than two months in Jakarta trading after slashing its dividend. Berlian declined as much as 10 percent to 630 rupiah, the sharpest intraday drop since Feb. 17. The stock was trading at 660 rupiah as of 10:07 a.m. local time, while the Jakarta Composite index retreated 0.7 percent. The shipping company will cut its dividend to 5 rupiah a share from 50 rupiah a year earlier, Finance Director Kevin Wong said yesterday after a shareholders meeting. The company is cutting the payout to preserve funds for expansion.
Souce: Bloomberg --Editors: Anand Krishnamoorthy, Neil Denslow
April 23 (Bloomberg) -- PT Berlian Laju Tanker, Indonesia’s biggest shipping company, dropped the most in more than two months in Jakarta trading after slashing its dividend. Berlian declined as much as 10 percent to 630 rupiah, the sharpest intraday drop since Feb. 17. The stock was trading at 660 rupiah as of 10:07 a.m. local time, while the Jakarta Composite index retreated 0.7 percent. The shipping company will cut its dividend to 5 rupiah a share from 50 rupiah a year earlier, Finance Director Kevin Wong said yesterday after a shareholders meeting. The company is cutting the payout to preserve funds for expansion.
Souce: Bloomberg --Editors: Anand Krishnamoorthy, Neil Denslow
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