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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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Thursday, 04 September 14
PUNJAB STATE POWER CORPORATION LIMITED OF INDIA HAS DECIDED TO BUY IMPORTED COAL - HINDUSTAN TIMES
COALspot.com: The Punjab State Power Corporation Limited (PSPCL) has decided to buy imported coal to run its thermal plants, as reported by Hindust ...
Thursday, 04 September 14
INDONESIAN COAL MINERS MAY GET MORE TIME ON ROYALTIES - FITCH RATINGS
COALspot.com: Fitch Ratings says that coal miners in Indonesia are likely to get more time to repay the government the royalties that were set off ...
Thursday, 04 September 14
INDONESIAN COAL SWAPS SLIDE THIS PAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.90 (-1.68%) day on day and US$ 1.80 (-3.31%) per mt week on week. The ...
Thursday, 04 September 14
CAPESIZE : SENTIMENT REMAINS POSITIVE FOR Q3/Q4 - FEARNRESEARCH
Handy
The Atlantic market has experienced more activity this week. Rates for TA´s are up about 8% w-o-w, much lead by an increasing number ...
Wednesday, 03 September 14
KOREA MIDLAND POWER CO. LTD INVITES BIDS FOR 1 MMT OF BITUMINOUS & SUB-BITUMINOUS COAL FOR BORYEONG POWER PLANT
COALspot.com: KOMIPO again in the market for 1 million tons of 5700 NAR and 4600 NAR coal for Jan – March 2015. South Korean state-owned util ...
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Showing 3506 to 3510 news of total 6871 |
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- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- The University of Queensland
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
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