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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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Friday, 14 August 15
CONDITIONS AND COMPLEXITIES IN A TRIPARTITE AGREEMENT: BE SPECIFIC! - INCE & CO
KNOWLEDGE TO ELEVATE
A tripartite agreement reached between the Owners, the Shippers and the Receivers provided that demurrage be paid to the ...
Thursday, 13 August 15
THE RATES FOR CAPES KEPT RALLYING LAST WEEK - INTERMODAL
COALspot.com: Strong Capesize performance kept supporting the Dry Bulk market last week, which noted another positive weekly closing, while rates f ...
Thursday, 13 August 15
FOB RICHARDS BAY COAL SWAPS CONTINUE FALLING
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined month over month and week over week.
The 4Q swap was down US$ ...
Wednesday, 12 August 15
DRY BULK MARKET: WITHOUT A DOUBT REACHED HEALTHIER LEVEL
A few weeks before the end of the summer season, the BDI is hovering around 1,200 points, providing some much needed optimism to all Dry Bulk marke ...
Wednesday, 12 August 15
REGULATION CURBS POWER OF LOCAL AUTHORITIES IN MINING SECTOR IN INDONESIA - FLORENCE G. SANTOSO
The Indonesian Government appears to be getting serious about stripping Regents of the authority to issue mining licenses. The Government took the ...
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- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- The University of Queensland
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
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