Bangkok Shipowners and Agents Association

Bangkok Shipowners and Agents Association
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ท่าเรือไทยใน AEC PDF Print E-mail
Monday, 23 September 2013 13:10

การรวมตัวเป็นประชาคมเศรษฐกิจอาเซียน (AEC) ของประเทศสมาชิกอาเซียนในอีก 2 ปีข้างหน้า จะส่งผลให้มีการเปิดเสรีทางด้านการค้าการลงทุนทั้งภายในอาเซียนและระหว่างอา เซียนกับภูมิภาคอื่น ๆ ทั่วโลกที่ขยายตัวสูงขึ้น ซึ่งหากเราพิจารณากันตามความเป็นจริงแล้วการค้าทั่วโลกพึ่งพาการขนส่งทาง ทะเลเป็นหลักราว 90% ของปริมาณขนส่งสินค้าระหว่างประเทศทั้งหมด

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Trade facilitation takes another step forward in Thailand PDF Print E-mail
Friday, 20 September 2013 10:14
The Nation

Any company which is involved in cross border transactions would agree that physical verifications by customs officials could cause substantial delays in moving goods across border and potential disruption to its supply chain. To secure and facilitate trade, customs authorities are putting 'trade facilitation programs' in place which are not widely known. One of which is the "Authorized Economic Operator" (AEO) scheme.
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ชะลอสร้างท่าเรือแหลมฉบังเฟส3 ตู้สินค้าขึ้นท่าต่ำเป้า-ศก.โลกฟุบ PDF Print E-mail
Tuesday, 20 August 2013 11:13

ผอ.แหลมฉบังเผยชะลอแผนสร้างท่าเรือแหลมฉบังเฟส 3 เหตุจีดีพีโตต่ำเป้า-ตู้สินค้าผ่านท่าเรือเพิ่มเพียง 4.5% โดนหางเลขเศรษฐกิจโลกชะลอตัว ปีཱུ เล็งลงทุน 5 พันล้านพัฒนาท่าเรือ-เพิ่มรายได้

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Ocean carriers continue to become asset lighter PDF Print E-mail
Tuesday, 06 August 2013 19:56
Drewry's 4/8/13

Ocean carriers are increasingly resorting to leasing/chartering to acquire vessels and container equipment, creating opportunities for new financiers to enter the market. 

The way that vessels and containers are being ordered indicates that ocean carriers are set to become significantly asset lighter during the next couple of years. According to Drewry’s records at the beginning of July, just over 64% of all vessel capacity ordered since the middle of 2011 has been placed by tramp vessel operators, and the proportion since the middle of 2012 is an even higher 65%.

This builds on a trend started as way back as 2004, when the proportion of the top 20 carriers’ fleet that was chartered in reached just 48%, and climbed to 53% in 2011, although the more recent position of the top 10 in isolation shows a different picture, with ownership actually increasing between 3Q 11 and 1H 13 (see figure and table below).

Proportion of the Global Vessel Fleet Capacity (teu)
Which is Chartered (%)

Composition of Top 10 Carriers’ Fleets

If the world’s largest tramp vessel operator, Reederei C P Offen, was to be included in the industry ranking of top 20 carriers, it would already appear in third position, based on data from Drewry’s Annual Container Market review and Forecast.

Most of the other top 20 carriers have been resorting to long-term leasing, as well as short-term charters. For example, CIMC’s recent order for 7 x 8,800 teu vessels is understood to be backed by a charter agreement with MSC lasting as long as 17 years, although 5-10 years is more the leasing period norm.

Assuming that not all carriers renew their lease agreements on expiry, this means that there will be a growing pool of large container vessels for hire, opening up opportunities for new market entrants should the right circumstances arise.

How long the ocean carrier trend of increased leasing/chartering will continue is unclear, as it is partly driven by financial necessity. Cash flow remains tight, and leasing just spreads the burden of asset acquisition over a longer period of time. Ownership requires immediate hefty shipyard deposits, and repayment of ship loans typically within eight years. Leasing also makes a company’s balance sheet ratios look better, although this could change due to a proposed alteration of accounting standards in 2017.

For example, according to a broker contact, the MSC deal just referred to must be a strictly financial arrangement as, with newbuild prices for such 8,800 teu vessels currently being in the region of $85 million, a T/C rate around $30,000/day would normally be required to break even, which is significantly higher than the $25,000/day reported.

The same trend applies to container equipment ownership, where leasing has also been growing in importance. According to Drewry’s latest Container Lease Industry Review 2013, lessors purchased 58% of all newbuild containers last year, as well as acquiring substantial older equipment from ocean carriers through sale and lease back. As shown in the figure below, this enabled them to grow their market share from 42.8% in 2011 to 45% in 2012.

Proportion of the Global Box Fleet Which is Leased (%)

http://ciw.drewry.co.uk/wp-content/uploads/2013/08/fig3-container-leasing.jpg

Our View

As ocean carriers’ financial results are not expected to improve significantly before 2016, leasing will continue to grow, thereby creating opportunities for new financiers to enter the market. Although still some way away, the pool of large containerships available for charter will grow, with a wide variety of possible consequences


 
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