MARINE MONEY SINGAPORE

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1 MARINE MONEY SINGAPORE

2 Since 1983 Wirana is the OLDEST and LEADING Cash Buyer of Vessels for Recycling. Sells to ALL markets such as India, Pakistan, Bangladesh, Turkey and North and South China. Wirana has so far successfully negotiated in excess of 2200 ships earning it a place twice in the Guinness Book of World Records for two ULCCs that had a combined LDT in excess of 148, 691 Wirana is your ONE-STOP SHOP for ship recycling needs where size, type of ship, location, payment are no constraint Wirana has been a ardent proponent of green ship recycling promoting the Green Agenda at various forums and enlightening the world about Green Recycling. Members of Wirana have been part of the deliberations leading to the IMO s Hong Kong Convention for the Safe and Environmentally Sound Recycling of Ships. MARINE MONEY SINGAPORE

3 Within the ship recycling industry, companies such as Wirana are called CASH BUYERS. A Cash Buyer purchases a vessel for Cash from an owner and re-sells it to a recycling yard. Cash Buyers are the middlemen in the sale of ships for recycling. Cash Buyers are NOT brokers. Unlike brokers they take TITLE to the ship. MARINE MONEY SINGAPORE

4 The five major markets in the world: India, China, Pakistan, Bangladesh and Turkey The subcontinent accounts for between 70-80% of the recycling Beaching method practiced in subcontinent and Turkey China does not practice beaching, it does the recycling by the Pier side or Dry Docking method Prior to the GFC the volumes and values were about 300 vessels with a value of about USD 1Bln. Now the figures are about vessels with USD3-4 bln. MARINE MONEY SINGAPORE

5 JAN-AUG 15 INDIA BDESH PAKISTAN CHINA (ALL FIGURES ARE IN MILLION MT LDT) MARINE MONEY SINGAPORE

6 LOCAL STEEL PLATE PRICES. THE HIGHER THEY ARE, THE HIGHER IS THE RECYCLER S PURCHASING POWER. THESE ARE IN TURN DEPENDENT ON LOCAL / GLOBAL ECONOMIC CONDITIONS. FOR EG. CHINA DUMPING CURRENCY RATES A STABLE CURRENCY GIVES BETTER COMFORT TO RECYCLER. INDIA, PAKISTAN HAVE HAD SUDDEN DEPRECIATION, WHICH DESTABILISES MARKET SUDDEN CHANGE IN REGULATIONS BY GOVT. SUPPLY / DEMAND OF SHIPS. MARINE MONEY SINGAPORE

7 THE CHINESE RECYCLERS ARE GUARANTEED VOLUME DUE TO THE GOVERNMENT INCENTIVE FOR CHINESE FLAGGED VESSELS BEING RECYCLED IN CHINA, IF A NEW BUILDING ORDER IS PLACED. THIS INCENTIVE IS EXTENDED TILL END THE PRICE GAP BETWEEN THE SUB-CONTINENT AND CHINA IS BETWEEN USD PER TON. SINCE INCENTIVE EXTENDED, THE PRICE DIFFERENCE BETWEEN THE SUB-CONTINENT AND CHINA WILL LIKELY REMAIN OR MAY EVEN INCREASE IF SUB-CON MARKETS IMPROVE. MARINE MONEY SINGAPORE

8 EU SRR will likely not allow those yards that use beaching, on its approved list. Do EU Owners / Owners Associations agree with EU SRR s beaching ban surely not all of them Why? HKC is the worldwide convention agreed upon after a lot of deliberation. EU SRR was started as HKC ratifications were taking long, but HKC was supposed to be the goal. SRR was only in interim. NGOs using other legislations like European Regulation on Shipment of Waste, which forbids the export of hazardous waste to developing countries (eg Global Spirit). So now Owners having EU flagged vessels who are selling their vessels for recycling, do not sell for recycling till the vessel has left OECD waters MARINE MONEY SINGAPORE

9 HOW DO YOU ACT RESPONSBILY AS THE WORLD S CORPORATE CITIZEN AND YET MAKE MONEY? IS IT POSSIBLE OR THEY ARE MUTUALLY EXCLUSIVE EVENTS? NGOs SAY BEACHING NOT ACCEPTABLE. BEACHING OR NO BEACHING? DO YOUR CHECKING. NON-BEACHING OR EVEN SHIP BUILDING FACILITIES DON T HAVE CASUALTIES / ACCIDENTS? ARE THEY REALLY GREEN? MARINE MONEY SINGAPORE

10 INTERNATIONAL EXPERTS, CLASSIFICATION SOCIETY CAN CONFIRM THAT RECYCLING USING BEACHING CAN BE GREEN IS RECYCLING USING NON-BEACHING METHODS REALLY GREEN? SHADES OF GREEN SCRAPPING VS RECYCLING : 95% OF SHIP IS RECYCLED IN BEACHING, WHILE CHINA/ TURKEY MELT ALL. TOTAL CARBON FOOTPRINT? MORE COAL, POWER USED. IMPACT ON LOCAL INDS., EMPLOYMENT DON T ACCEPT ALL YARDS, WORK WITH THE GOOD ONES MARINE MONEY SINGAPORE

11 Four yards in Alang have now become HKC compliant (awaiting formal certification) under the Class NK programme. But you can do your own checking. Among other things look mainly at: Their worker training and safety; Do they have impermeable flooring (concretisation)? Hazmats identified, removed, stored and disposed properly? Proper drainage system for contaminants? Yard equipped with good, heavy, modern equipment (to reduce manpower use and danger to their life)? Whole process can be audited and confirmed by reputable verifier? MARINE MONEY SINGAPORE

12 BE PRUDENT BUT NOT GREEDY! SUB-CON PRICE FOR GREEN LETS SAY 250/LT AND CHINA PRICE FOR GREEN ABOUT USD 125/LT, SO DIFFERENCE IS PANAMAX: 12,000 LDT USD MILLION AFRAMAX: 15,000 LDT USD MILLION CAPESIZE: 20,000 LDT - USD MILLION VLCC : 40,000 LDT USD MILLION AGAIN REMEMBER-MONEY IS NOT ALL. DO YOUR CHECKING. YOU CAN EMPLOY IACS MEMBERS /OTHER EXPERTS TO ENSURE GREEN RECYCLING IS FOLLOWED. MARINE MONEY SINGAPORE

13 Cash Buyers like Wirana being a part of the recycling industry are in a position to deal with all segments like tanker, bulker etc Wirana is using their strength and position to the mutual benefit of Owners and themselves. Wirana buys old vessels and charters them out and scraps them when charter ends. Wirana also does such deals for modern vessels and also takes equity stakes in projects. MARINE MONEY SINGAPORE

14 Wirana Shipping Corporation 20 Collyer Quay, #09-02, Singapore Telephone: Web: Disclaimer: All the information provided herein is given in good faith and without guarantee. Users are advised to do their own due diligence and Wirana does not take any responsibility or liability for any losses / consequences as a result of using this information. MARINE MONEY SINGAPORE

MARINE MONEY SINGAPORE 2014 1

MARINE MONEY SINGAPORE 2014 1 MARINE MONEY SINGAPORE 2014 1 Since 1983 Wirana is the OLDEST and LEADING Cash Buyer of Vessels for Recycling. Sells to ALL markets such as India, Pakistan, Bangladesh, Turkey and North and South China.

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