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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 25 November 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT $ 49.55
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week.
The Q1 swap has lost US$ 0.12 (-0.24%) ...
Monday, 24 November 14
CHOPPY WATERS IN DRY BULK - SGX
COALspot.com: Dry bulk freight rates have experienced a sharp rise in volatility in recent weeks as bulk commodity supply has ramped up, said SGX i ...
Monday, 24 November 14
Q1 2015 FOB NEWCASTLE COAL SWAP CLOSED AT $ 52.73
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.73 on 21 November after losing US$ 0.40 (-0.75%) month ove ...
Monday, 24 November 14
CFR SOUTH CHINA COAL: Q2' 15 COAL SWAPS CLOSED LOWER COMPARED TO Q1' 15 SWAPS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 0.63 (-0.99%) month over month and US$ 0.12 (-0.19%) da ...
Sunday, 23 November 14
SPOT FREIGHT RATES IMPROVED SLIGHTLY OVER PREVIOUS WEEK
COALspot.com: The BDI was up 5.41 pct week on week and closed at 1,324 points on Friday. All the segments were up this week except Panamax index.&n ...
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Showing 3351 to 3355 news of total 6871 |
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- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Aditya Birla Group - India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Minerals Council of Australia
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
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