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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, 28 August 14
BANPU REPORTS HIGHER FIRST-HALF YEAR RESULTS FOR 2014
COALspot.com: Banpu Public Company Limited (BANPU) reports higher first half-year financial results for 2014 having its gross profit increasing 3 p ...
Wednesday, 27 August 14
FREIGHT MARKET: IS THE MARKET IN A RECOVERY MOOD? - GEORGE ILIOPOULOS
Is the market in a recovery mood?
August is typically a time when the shipping industry takes it easy… charter-ers book their requireme ...
Tuesday, 26 August 14
4TH ANNUAL ASIA NICKEL
4th Annual Asia Nickel
19-20 Nov 2014
Grand Hyatt Jakarta, Indonesia
Web Site
Asia’s Premier Nickel Conference
Regulation in ...
Tuesday, 26 August 14
DESPITE LOW DRY BULK RATES, BULKER PRICES ARE STILL HIGH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, August tends to be a month of slow activity in the sale and purchasing market and this year has been no exception. However, as shipb ...
Tuesday, 26 August 14
GOVT ON TRACK TO LIMIT COAL OUTPUT - THE JAKARTA POST
The government has announced that it will proceed with plans to cap the production of coal next year, a move aimed not only at protecting the envir ...
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- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- White Energy Company Limited
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
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