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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, 06 February 14
PANAMAX: FAR EAST IS ALMOST ABSENT AND ATLANTIC ON SLOW STEAM
Handy
Due to ongoing Chinese New Year the market is still quiet. Slowly we can see some fresh coal cargos entering the market with second half Feb/ ...
Wednesday, 05 February 14
DRY BULK MARKET HAS LOST FURTHER GROUND THIS PAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market has lost further ground this past week as activity ex-Far East disappeared into the Chinese holidays and owners id ...
Wednesday, 05 February 14
MARKET INSIGHT - TASOS PAPADOPOULOS
KNOWLEDGE TO ELEVATE
COALspot.com: Let's take a break from market prospects, numbers, order book etc. and shed some light on the conclusions of ...
Tuesday, 04 February 14
NEWCASTLE PORT'S WEEKLY COAL EXPORTS HIT NEW HIGH OF 3.53 MMT
COALspot.com: In the week ended 3 February 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled ...
Monday, 03 February 14
SUB-BIT INDONESIA COAL SWAP GAINED WEEK ON WEEK
COALspot.com – Swaps prices gained for thermal coal loading from Indonesia, the world’s largest exporter of the fuel, according SGX.
...
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- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
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