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, 03 August 14
LACK OF COAL SHIPMENTS FROM FAR EAST/SE ASIA, THE PRESSURE ON CHARTER RATES CONTINUED THIS WEEK
COALspot.com: This week, the freight rates were almost flat as charter rates were also almost steady from last week.
The BDI was up by 2.59 pc ...
Friday, 01 August 14
UNCERTAINTY IN ASIAN COAL MARKETS WHERE INDEX-LINKED PRICING DOMINATES - SGX
COALspot.com: In the past 3 years, seaborne thermal coal markets have been in a state of constant oversupply.
Reuters expects this oversupply ...
Friday, 01 August 14
U.S PRODUCED 19.4 MMST OF COAL IN A WEEK, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.40 million short tons (mmst) of coal in ...
Thursday, 31 July 14
CAPESIZE: CARGO VOLUMES, COAL IN PARTICULAR, PRESENTLY NOT SUFFICIENT TO EMPLOY A GROWING FLEET - FERNLEYS
Handy
Both the Atlantic and Pacific has improved in the supramax segment over the last week, said Fernleys in Its latest weekly report . There we ...
Thursday, 31 July 14
RIO TINTO SELLS MOZAMBIQUE COAL ASSETS FOR US$ 50 MILLION TO INDIA'S ICVL
COALspot.com: Rio Tinto has agreed to sell its Mozambique coal assets for just US$ 50 million to International coal ventures Private limited of Ind ...
|
|
|
Showing 3566 to 3570 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- The University of Queensland
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
|
| |
| |
|
