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Wednesday, 12 February 14
2013 WAS THE YEAR OF PRIVATE EQUITY FUNDING - TIMOS PAPADIMITRIOU
 COALspot.com: People say that money makes the world go round. Well, can it be that it’s the other way around? Is it possible that money needs to go around regardless of the market's situation? Bulker and tanker rates are neither high nor low, while showing occasional spikes due to seasonality.
There is an overall positive sentiment and why shouldn’t there be one? After more than 5 years of misery and disaster theories, isn’t now a good time to be positive? Aren’t fundamentals pointing to the fact that we are heading towards a period of stability? One could interpret them as such. Does that mean that the market will get less interesting? Less dynamic? Not necessarily.
2013 was the year of private equity funding, were we often found ourselves sceptical about the prices Buyers were paying. Numerous Buyers, that were dormant for years, suddenly emerged hungry for tonnage and rather aggressive on prices backed by new equity partners. It’s already been a month into 2014 and the second hand market is not showing signs of slowing down.
Newbuilding activity on the other hand is slowing down mostly due to scarcity of shipbuilding capacity, pushing buyers to look for re-sales instead of 2017 deliveries. Are we entering the year of the “resale”? The Sellers are now the bold investors that ordered ships at bottom prices 14-16 months ago and now more than ever there is a huge demand for modern assets.
So coming back to the initial question, is money needed to go around no matter what? If the market is more or less stable why are assets indeed becoming more expensive? Nine months ago a 2003 Japanese built Panamax bulker could be sold for USD 14-14.5 million. Today, a 2003 Panamax bares a price tag of USD 21-22 million upwards. MR new building slots were at USD 33-34 million 12 months ago and now they are breaking through the USD 40 million marks for a 2017 delivery. If the orders will or should go forward as scheduled is a whole different question.
So maybe stability is a sign of development. “Volatility” was always the word to be favoured by those chasing the “asset play” but for the traditional operators it is “stability” that does the trick. It’s a return back to basics once again. After years of anticipation of a new market comeback that would mirror the rates of the 2004-2008 period, what we get is a calm but dynamic environment, an environment that can accommodate different projects and approaches with manageable risk.
The reality is that capital needs to be invested and markets need to be fuelled with it. Even if assets are higher priced than what they were a year ago, they are nowhere near the levels of 6 years ago. So it still makes sense to invest. Most importantly, now you have the added bonus of positive sentiment regarding the outlook of most segments. There is confidence and there is willingness to take risks, which at the end of the day is a big part of being a ship-owner.
Compiled by:
Intermodal Research & Valuations | research@intermodal.gr
Analysts:
Mr. George Lazaridis | g.lazaridis@intermodal.gr
Ms. Eva Tzima | e.tzima@intermodal.gr
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Thursday, 20 February 14
LENGTHY DELAYS TO PANAMA CANAL EXPANSION POSE GLOBAL TRADE RISKS; US COAL PRODUCERS TO GREATLY BENEFIT ONCE COMPLETE, SAYS WOOD MACKENZIE
Wood Mackenzie expects the recent cost overrun disputes around the Panama Canal expansion to be resolved with limited disruption due to the signific ...
Thursday, 20 February 14
SUPRAMAX: IN ASIA IS IMPROVING SIGNIFICANTLY AND TURNED FROM APS TO DOP MARKET
Handy
The activity is back in the market after Chinese holidays. Supramax in Asia is improving significantly and turned from APS to DOP market. We ...
Wednesday, 19 February 14
NEWCASTLE PORT SHIPPED 30% MORE COAL WEEK ON WEEK
COALspot.com: In the week ended 17 February 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled ...
Tuesday, 18 February 14
PERUVIAN HIGH COMMISSIONER FOR MINING AFFAIRS WILL BE KEY NOTE SPEAKER AT THE COLOMBIAN COAL CONFERENCE 2014
Press Release: The High Commissioner for Mining Affairs in the Presidency of the Peruvian Council of Ministers, General (R) Daniel Urresti Elera, ha ...
Monday, 17 February 14
US COAL PRODUCTION IN 2013 FELL TO ITS LOWEST LEVEL IN 20 YEARS
COALspot.com: U.S coal production for 2013 totaled an estimated 996 million short tons (MMst), 21 MMst (2%) lower than in 2012. It is the first time ...
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- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Parliament of New Zealand
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- The University of Queensland
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Aditya Birla Group - India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
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