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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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Thursday, 13 November 14
MODERN DRY BULK SHIPS' PRICES START FIRMING UP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While the main story of the past few weeks has been the rebound of the dry bulk market, which has been a result of increased Chinese iron ore impor ...
Wednesday, 12 November 14
PANAMAX: WITNESSED A FAIRLY STABLE MARKET IN THE ATLANTIC
COALspot.com: Despite the fact that the Dry Bulk market noted another weekly increase, clouds of uncertainty returned mid-week onwards, as the mini ...
Wednesday, 12 November 14
SHIPPING MARKET INSIGHT - CHRISTOPHER T. WHITTY
COALspot.com: The fight continues between the low-cost iron ore producers and the big three: Vale, Rio Tinto and BHP Billiton. We are moving into a ...
Tuesday, 11 November 14
FACING CHALLENGES AND MEETING OPPORTUNITIES - INTERNATIONAL EPC CONFERENCE & EXHIBITION
Press Release: SKYCONNECTION and TRANSEVENT, which is fully supported by the Institution of Engineers Indonesia and Ministry of Industry of the Rep ...
Tuesday, 11 November 14
NEWCASTLE COAL SWAP CLOSED AT $ 52.65 FOR Q1' 15 DELIVERY
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery decreased US$ 2.83 (-5.10%) month over month and US$ 1.35 (-2.50%) week ove ...
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- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- White Energy Company Limited
- The Treasury - Australian Government
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