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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
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Sunday, 07 September 14
SHIPMANAGERS SUPERVISION CONTRACT FOR NEWBUILDS - BIMCO
Shipmanagers are frequently called upon by their owner clients to supervise newbuilding projects on their behalf. The scope of the manager’s ...
Saturday, 06 September 14
SLOW COAL EXPORT REGISTRATION RAISES CONCERNS - THE JAKARTA POST
Several coal mining companies have yet to receive the go-ahead from the Energy and Mineral Resources Ministry to obtain exporting licenses, leading ...
Saturday, 06 September 14
DRY BULK MARKET'S PROSPECTS ARE IMPROVING, DESPITE WEAK SECOND QUARTER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been rebounding during the past month, with the Baltic Dry Index (BDI) ended the week on a high note, reaching 1,155 points ...
Saturday, 06 September 14
INDONESIA WANTS TO REGULATE COAL DEALS - THE TELEGRAPH INDIA
Indonesia has raised concerns about suspected coal deals struck between overseas buyers and its unregistered domestic miners, the telegraph India r ...
Friday, 05 September 14
U.S. PRODUCED 19.2 MMST OF COAL LAST WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
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- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- The University of Queensland
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- White Energy Company Limited
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Australian Coal Association
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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