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Wednesday, 05 November 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
 COALspot.com: The steep appreciation in dry bulker values between late 2012 and March 2014 resulted in unrealistically expensive ship values compared to fundamentals and vessel’s earnings. The concurrence of historically low prices in both second-hand and newbuilding markets, which approached the post Asian crisis lows in inflation-adjusted terms, offered the perfect background for asset play, but while several owners attempted to offload tonnage acquired at rock-bottom prices only a dozen of owners managed to successfully do so.
Most real-world buy-low-sell-higher cases concentrated on the flipping of newbuildings contracted at rock-bottom prices when we witnessed Handysize Newbuildings at sub-20musd levels, Ultramaxes at sub-24musd, Kamsarmaxes at rgn 26musd, and Capes at low-mid 40s. Today, after the ongoing correction in newbuildings prices, we still stand well in excess of 10% above previous lows. We do not anticipate witnessing new lows in the Newbuildings market because the costs of creating a new asset, ie, newbuilding prices, are well above previous lows. This is not only due to labor and maker’s inflation but also because of incoming new regulations (notably, Tier III engines, harmonized CSR, etc). Indeed, certain shipbuilders in all major shipbuilding countries have realized this and are more aggressively marketing slots again in advance in order to secure orders which demand a lower cost of construction.
During the same period in the S&P market, volatility prevailed. As far as LME Panamaxes are concerned, ex-Ocean Planet (‘05 Sasebo) was committed in January 2013 by Chartworld at rgn m$15 while ex-Ocean Lily (’06 Imabari) was sold to Sanko close to 25musd this March, resulting in a 2/3 value appreciation in just 14 months. The current correction notoriously commenced back in June with the sale of the ‘Yusho Spica’ at rgn 20musd which marked an abrupt 5musd discount from her same-year built sister ‘Ocean Lily’ sold just 3 months earlier (in March 2014). Asset values were brought back to May 2013 when the ex-Shoyo (76k ’06 Namura) was sold at 20.25musd to Diana. This week’s reported sale of 2008-built Japanese-built Kamsarmax Medi Sentosa at region 19.5musd to Greeks is marginally discounted when compared to the sale of ex-Stefania Lembo (82k, 2010, Tsuneishi – JPN) to Diana Shipping back in September 2013. Interestingly, the price correction for older tonnage Panamax tonnage is steeper. More than a month ago the Japanese controlled Panamax Bulker 'Mishima' (76600kdwt, 2002, Imabari, MAN B&W 6S60) was committed at rgn 12.5musd to Greeks very close to the levels of ex-Archon (75k, Hitachi, 2001, B&W 6S60) which was committed in the end of January 2013 (very close to the bottom) by Greeks at rgn 12.4musd. That said, as far as mid/late 90s Panamaxes the prices are concerned, these are currently very close to the previous bottom.
Two ongoing factors that we need to take into consideration are the weakening Japanese Yen and the price of Oil/Bunkers. The Japanese Yen, which declined to a seven year low versus the dollar, and its outlook after the Bank of Japan unexpectedly increased monetary stimulus that tends to devalue the currency, will further entice more Japanese owners and Builders to sell Vessels and Slots, respectively, and accept less dollars. Moving on to the price of oil, a rule of thumb is that a 10% decrease will increase 0.25% off global growth, while the lower price of Bunkers will hurt the newbuildings ‘eco’ story and will give some support to “non-eco” tonnage. Based on the recent history and the rock-bottom price resistance levels witnessed before, there may be longer-term value in Newbuilding and S&P deals priced south of current market levels.
Compiled by:
Intermodal Research & Valuations
Analysts:
Mr. George Lazaridis
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Sunday, 30 November 14
SUPRAMAX COAL FREIGHT RATES FROM INDONESIA TO INDIA : FIRM
COALspot.com: The BDI fell 171 points and closed at 1153 points on Friday 28 November 2014. The Cape index also lost 887 points and closed at 2151 ...
Friday, 28 November 14
NEW BIMCO CLAUSE AIMS TO REDUCE SUPPLIERS' RELIANCE ON SHIP ARREST FOR CHARTERERS' UNPAID BUNKERS
KNOWLEDGE TO ELEVATE
Ship owners can, on occasion, find themselves in the invidious position of suffering unexpected loss of hire due to a tim ...
Friday, 28 November 14
JSW ENERGY AND GRM RESOURCES JOIN GLOBALCOAL
COALspot.com: globalCOAL® announced yesterday that two new Market Members have joined its online coal trading platform. According globaCOAL&rsq ...
Thursday, 27 November 14
MINING SERVICES TAX SPIKED BY 233% - BISNIS INDONESIA
COALspot.com: The Energy and Mineral Resources Department of Indonesia said the tax contribution from mining services sector in the 3rd Q 2014 ...
Thursday, 27 November 14
PANAMAX : EXPECTATION'S FOR A STRONG END OF YEAR RUSH, DISAPPEAR DAY BY DAY - FEARNLEYS
Handy
“We have experienced a firming market the last couple of weeks. More activity from cargo owners in the Atlantic and less available to ...
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- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Central Java Power - Indonesia
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Economic Council, Georgia
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Australian Coal Association
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
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