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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, 10 February 14
SUPRAMAX STILL AT AROUND US$ 5K + BB 50K DELIVERY KALIMANTAN FOR A TRIP TO INDIA - CAPT. REDDY
COALspot.com: The BDI was down by 1.71 pct and closed at 1091 points week ended 7 February 2014. The BDI seemed to reach the bottom as the cape inde ...
Saturday, 08 February 14
U.S PRODUCED 84.5 MMMST OF COAL IN JANUARY; 2.05% UP MONTH ON MONTH, EIA SAYS
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.8 million short tons (mmst) of coal in ...
Friday, 07 February 14
DRY BULK MARKET ON ' REVERSE' MODE DUE TO CHINESE HOLIDAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept its uninspiring mood throughout yet another week, with the Baltic Dry Index (BDI) hovering slightly above the 1,000-poi ...
Thursday, 06 February 14
INDONESIA'S BAN ON THE EXPORT OF RAW MINERAL ORES COMES INTO FORCE - INCE & CO
COALspot.com: On 12 January 2014, the ban on the export of unprocessed mineral ores came into effect in Indonesia. This ban enforces the Mining Law ...
Thursday, 06 February 14
THE WORLD LARGEST COAL EXPORTER SHIPPED AROUND 35.90 MMT OF COAL IN DECEMBER 2013
COALspot.com: Indonesia, the world 4th largest coal producer and the Global largest multi grade coal exporter shipped around $2* billion worth ...
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- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
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