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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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Tuesday, 22 July 14
ASIAN SUB-BITUMINOUS COAL USERS' GROUP CONFERENCE
Press Release: Registration Open for Fourth Annual Asian Sub-Bituminous Coal Users’ Group Conference
Register today for this year&r ...
Monday, 21 July 14
25% OF INDIA'S POWER PLANTS WERE HAVING SUPER CRITICAL COAL STOCK - COAL AND POWER MINISTER
25% of India’s power plants were having super critical coal stock; power utilities have also been advised to enhance the import of coal - Coa ...
Monday, 21 July 14
INDONESIA'S STATE CONTROLLED COAL MINER BUKIT ASAM ENJOYED HIGHER SELLING PRICE DURING THIS STORMY MARKET
COALspot.com: PT Bukit Asam, the Indonesian government controlled coal miner announced today that, the company has produced 7.70 million tons of co ...
Monday, 21 July 14
CFR SOUTH CHINA COAL Q3 DELIVERY SWAPS LOST 16% SINCE JANUARY 17, 2014
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. Market is not showing any positive trend in near future.
...
Sunday, 20 July 14
THE FREIGHT MARKET CONTINUED ITS DOWNWARD TREND
COALspot.com: The market continued its downward trend this week as all segments were down compared to last week. The Cape and Panamax indices being ...
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- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- The University of Queensland
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Economic Council, Georgia
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Agrawal Coal Company - India
- White Energy Company Limited
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Aditya Birla Group - India
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