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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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Monday, 17 February 14
Q1 2015 COAL SWAPS CLOSED $ 2.21 HIGHER THAN Q2 2014 SWAPS
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 delivery lost 3.16 percent month on month and closed at US$ 76.12 per mt as o ...
Sunday, 16 February 14
SUPRAMAX : THE FAR EAST/SE ASIA CHARTER RATES FIRMED UP
COALspot.com: The freight market had a mixed reaction this week with BDI increased by 1.37 pct and closing at 1106 points on Valentine day. The cape ...
Friday, 14 February 14
US COAL PRODUCTION STILL SLIPPING
COALspot.com – United States the world’s second largest coal producer, produced approximately 17.9 million short tons (mmst) of coal in ...
Thursday, 13 February 14
PANAMAX : NOT ENOUGH REQUIREMENTS TO KEEP THE ATLANTIC MARKET FLOATING - FEARNLEYS AS
Handy
After the Chinese holidays the week started on a positive note. Owners are talking higher rates but chrtrs are still somehow reluctant to mov ...
Thursday, 13 February 14
DRY BULK MARKET FACES BETTER PROSPECTS ON THE BACK OF IMPROVING DEMAND AND SUPPLY BALANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has started off the New Year on the "left foot", with the strong finish of 2013 proving to be unsustainable, on the ba ...
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- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Agrawal Coal Company - India
- VISA Power Limited - India
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
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