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Wednesday, 22 July 15
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS | INTERMODAL
 In both bulk shipping sectors, there are certain, yet different, reasons and strategies to invest. In the wet, buy once you can charter-out long, while in the dry go long on chartering-in or buy and wait.
In the wet sector, buying a 5-year old Tanker and chartering it out for 3-years would return back a significant part of the investment, namely, 35-40% in all sectors from MR to VLCCs. The Price to 1-year Earnings(annualized 3-year T/C Revenues minus OPEX) ratios for all tanker sectors are in the region of 7.45 and 8.63, well below the several last years’ averages, which renders investments with fixed charters attractive. The anticipated correction in product tankers due to the significant deliveries did not materialize with the demand absorbing the supply. At the same time, the crude sector enjoys the strongest freight market since 2008-09. 15-year old VLCCs, which had reached valuations below $20m in 2012/13 are today valued double that price at shy/rgn $40m. However, the crude tanker order book is increasing and the challenging conditions for shipyards may tempt them to lower/control their prices further to get more new building orders. So, the implied strategy for tankers is buy if you can charter-out long-term at the current firm rates.
In the dry sector, Messrs. Fredriksen, Embiricos, Chandris, Angelicoussis, Martinos extended family, Prokopiou, Hadjiyiannis (Cyprus) are just a few amongst distinguished counter-cyclical peers who have made decisive moves during this 1st half. 15-yo Capes were sold in the $9m’s, about one third of the price paid 15 months earlier.
Interestingly, in the last couple of weeks, prices for modern Kamsarmaxes have increased almost 10% for the first time since March 2014 while competition and the number of inspecting parties is rising. Meantime, the BDI has more than doubled since February’s historical lows. The record scrapping of the 1st half and the limited new building orders during the last year point to an eventual recovery. The short term momentum for asset values is rosy, while the longer (3-year) t/c rates remain extremely depressed and represent a promising alternative vehicle of investment although the owners willing to charter-out on a long basis are scarce.
Finally, we have calculated the ratios of the Price of a 5-year old vessel over its 1-year earnings. We used 3-year T/C rates (on an annualized basis) to remove excess ‘noise’ and since both asset values and longer-T/C rates incorporate certain (ir-)rational expectations. No strong pattern was revealed. Still the strongest incentive to invest is ‘buy as low as it gets’ even if the underlying freight market is depressed or ‘buy and fix long’ when P/E’s are low.
By Panos Tsilingiris
SnP/Newbuildings Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
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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Monday, 09 November 15
CFR SOUTH CHINA THERMAL COAL SWAP FOR Q3' 16 CONTRACT DECLINED US$ 4 PER TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 4.35 (9.03 %) per ton month over month.
A commodity swa ...
Monday, 09 November 15
INDIAN THERMAL COAL IMPORTS SURGED 18%; COKING COAL 6.31% DURING APRIL-OCTOBER: BUSINESS-STANDARD
Indian thermal coal imports surged 18% at the country's top 12 major ports to 55.90 million tonnes (MT) in the first seven months of the curren ...
Sunday, 08 November 15
THE FREIGHT MARKET KEEP DROPPING THIS WEEK - VISTAAR
COALspot.com: The freight market keep dropping this week.
The BDI down 12.48 percent week on week and closed at 631 points on 6 November 2015. ...
Sunday, 08 November 15
CAPESIZE FREIGHT RATES IN AUSTRALIA-CHINA ROUTES OVER 50% CHEAPER THAN BRAZIL-CHINA ROUTE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China’s mining and steel industries are facing tectonic shifts over the past couple of years, with the country’s limiting of coal use, ...
Friday, 06 November 15
COAL PRODUCTION IN THE U.S. FELL SHARPLY FOR THE WEEK ENDING OCTOBER 31
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.6 million shor ...
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Showing 2726 to 2730 news of total 6871 |
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- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Australian Coal Association
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
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