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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.
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Tuesday, 15 September 15
Q2'16 RICHARDS BAY COAL SWAPS DIP TO $ 51.10 PER TON
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined week over week and month over month.
The 4Q swap was down US$ ...
Tuesday, 15 September 15
API 5 FOB NEWCASTLE COAL SWAP FOR 4Q' 2015 DELIVERY CLOSED AT $42.71 PER TON ON 11 SEPT, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery declined $0.94 per MT (-2.15%) month over month to US$ 42.71 per mt. The sw ...
Monday, 14 September 15
Q1'16 CFR SOUTH CHINA COAL SWAP DECLINED $1.80 PMT M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.62 (3.21 %) per MT month over month.
A commodity ...
Monday, 14 September 15
MOODY'S LOWERS COMMODITY PRICE ASSUMPTIONS ON MACRO, INDUSTRY FACTORS
COALspot.com: Moody's Investors Service has lowered its base metal price assumptions for 2015-17 as slowing growth in China, lower oil prices, ...
Sunday, 13 September 15
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The BDI decreased further by 6.51 per cent or 57 points since last Friday and closed at 818 on 11 September 2015 while the cape index ...
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Showing 2816 to 2820 news of total 6871 |
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- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Australian Coal Association
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
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