We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Monday, 07 September 15
CFR SOUTH CHINA COAL SWAPS ROSE 1.1 PER CENT WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.52 (3 %) per MT month over month.
A commodity sw ...
Sunday, 06 September 15
AUTOMATION AND TECHNOLOGY IS CERTAINLY PART OF THE SOLUTION FOR IMPROVING PERFORMANCE AND EFFICIENCY TO MAKE THE MINE OPERATIONS MORE PROFITABLE, HOWEVER............ - LUKE JALSEVAC
"The Technology and Innovation in Mining 2015" production team at Information Exchange Group interviewed Luke Jalsevac, Director, Busines ...
Sunday, 06 September 15
THE CAPE SIZE INDEX ROSE 10.83 PER CENT WEEK OVER WEEK
COALspot.com: The BDI, the Baltic exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, declined o ...
Saturday, 05 September 15
DRY BULK MARKET MAY SUFFER NOW, BUT IS BOUND FOR A RECOVERY THANKS TO A LIMITED FUTURE FLEET GROWTH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The slow increase of dry bulk tonnage growth this year could turn into a solid indicator of the market’s future prospects. According to a rec ...
Friday, 04 September 15
U.S. COAL PRODUCTION FOR THE W/E AUGUST 29, UP SLIGHTLY; FALL 4.5 PERCENT Y-Y: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.7 million shor ...
|
|
|
Showing 2831 to 2835 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Economic Council, Georgia
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Deloitte Consulting - India
|
| |
| |
|
