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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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Wednesday, 12 February 14
NEW BUILDING ORDERS REACHING NEW POST-CRISIS HEIGHTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners are looking to take advantage of the last few attractive deals in the new building market, before prices start climbing to new highs and ...
Tuesday, 11 February 14
INDONESIAN COAL SWAP SHOWS STRONG GROWTH IN 2014 SECOND HALF
COALspot.com – Swaps prices slide for thermal coal loading from Indonesia, the world’s largest exporter of the fuel, according SGX.
T ...
Tuesday, 11 February 14
AUSTRALIA'S NEWCASTLE COAL EXPORTS SLIDE AROUND 15% WEEK ON WEEK
COALspot.com: In the week ended 10 February 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled ...
Tuesday, 11 February 14
SHIP OWNERS INVEST IN 447 NEWBUILDINGS AND SECOND HAND VESSELS DURING JANUARY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite a rough start to the year for the dry bulk freight market and lackluster performance from most other shipping sub-segments, ship owners have ...
Monday, 10 February 14
Q1 2015, API 8 CFR SOUTH CHINA COAL SWAP CLOSED AROUND $ 2 HIGHER THAN Q2 14 PRICE
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 delivery lost 2.61 percent month on month and closed at US$ 77.28 per mt as on Frid ...
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- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- White Energy Company Limited
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Aditya Birla Group - India
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
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