We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Friday, 26 September 14
NEWCASTLMAXES ARE THE MOST SOUGHT AFTER VESSELS BY SHIP OWNERS TODAY SAYS VESSELS VALUE
 KNOWLEDGE TO ELEVATE
Determining a ship’s fair value can be a very tricky business, especially when you’re the one paying. As such, ship owners are looking at a variety of factors, when they pull the trigger on new acquisitions, whether these are newbuildings or existing carriers, especially in today’s challenging market conditions, when a wrong business decision is often hard to recover from.
In an exclusive interview with Hellenic Shipping News Worldwide (www.hellenicshippingnews.com), Vessels Value’s Director of Analytics, Mr. Kaizad Doctor, provides a very useful insight into the process of evaluating ships’ prices, while noting the current trends in the market. The ship valuations’ company is also launching a new service, with an aim to provide a more tailored analysis of ship values.
In which parts of the market, have you witnessed the biggest market corrections?
We re-base the standard 5 year old vessels to Jan 14 and evaluate the change in prices. The prices are adjusted for depreciation and therefore represent absolute market fluctuations.
We can see that despite the recent poor performance of the Panamax sectors the smaller vessel types, Handysize has the worst total returns in terms of asset prices.
Do you feel that asset values have bottomed out, or is there still room for more falls?
Asset values have been evaluated in terms of their relative position across market cycles. We evaluate the current 5 year old asset values historically in terms of their relative percentiles. (e.g. Capesize 5 Yo is currently valued at 49.6 MUSD which is roughly 45% of the historical price changes from Jan 2007, however after eliminating the supercycle we find that the number jumps to 67% and Capesizes do not look cheap).
Judging by our metrics below we feel that Supra and Handy are relatively cheap however our study is not forward looking and obsolescence in terms of asset classes needs to be considered (e.g. Ultramax’s)
In terms of the future course of values, in which segments do you see potential for major fluctuations?
We evaluate volatility (rate of change or fluctuations) across asset classes and we find that the larger vessels are prone to periods of higher volatility which then “spills over” across the categories.
An historical evaluation shows periods of high volatility in the cape segments and overall periods (see surface below) where all sectors were affected simultaneously.
Going forward we expect the highest volatility in the Capesize and the Ultramax segments.
In terms of owners’ demand, do you think that modern tonnage (i.e. up to 5 years old) or older tonnage is the most sought-after?
We have indices for liquidity which enable us to evaluate the most “fashionable” asset size and age. This preference changes with time and reflects the owners future view of the sectors earning capabilities.
This indicates the current preference for newbuilding resales and capesizes less than 5 year olds currently but in 2011 the preference was also expressed for older capes.
Sticking with ships demand, where do you see ship owners heading in terms of future demand? Which vessels offer the best value for money at the moment, at least when compared to their historical price averages?
We represent the order book in terms of time and size by category in order to evaluate the owners preferences and see which categories are most popular,
Two sample categories:
Capesize: newcastlemax vessels are currently the most popular size for capes providing a marked shift from the traditional 180,000K vessels.
Supramax: this sector has a more heterogeneous size preference however Ultramax new builds and a preference for larger Supramax can be clearly seen.
What new services have you introduced lately? Do you feel that the market is now covered in its entirety by VesselsValue?
We are launching our new service VVQ Bespoke Consultancy, a collection of advanced analytical services, products and reports for maritime and finance professionals. Reports can be tailored to your preferences, are delivered in a time frame to suit the client, anywhere from weekly, monthly or yearly. We purposely designed VVQ to incorporate the same instant access of an entire ship database with unique and personalized reports.
Do you feel that, in the future, you will have to distinguish pricing and valuations, between ECO ships and their more conventional counterparts?
Eco Ships are a premium type of newbuild and so carry extra value which translates into the second hand market: If the market is flat i.e. there is not much activity, there is a greater gap between the total value of newbuilds and second hand vessels.
However if there is a spike in demand, the eco gap becomes smaller. This makes it a two tier market. The better the market, the more the price differential narrows.
Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Sunday, 14 September 14
FREIGHT RATES RALLY AS DEMAND INCREASED
COALspot.com: The Baltic Dry Index (BDI) is a number (in US$) issued daily by the London-based Baltic Exchange up 2.25 percent week on week. BDI cl ...
Friday, 12 September 14
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 673.3 MMST, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Thursday, 11 September 14
THE PANAMAX MARKET IS TAKING A BREATHER - FEARNLEYS
Handy
We have experienced more activity in both hemispheres this week, said Fearnleys in this week's weekly report.
"We see rates c ...
Wednesday, 10 September 14
ARE GREEK BANKS ON THE VERGE TO START LENDING AGAIN? - JOHN N. COTZIAS
It is well known that Greek Banks had suffered severely after the economic crisis of 2008. From that period onwards, major changes have occur ...
Tuesday, 09 September 14
WEAK M&A DESPITE ABUNDANT DISTRESSED INDONESIA COAL ASSETS - FITCH RATINGS
COALspot.com: Fitch Ratings says that a meaningful level of merger and acquisition (M&A) activity leading to a consolidation of the coal sector ...
|
|
|
Showing 3491 to 3495 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- The University of Queensland
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
|
| |
| |
|
