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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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Wednesday, 29 July 15
Q4' 15 FOB RICHARDS BAY COAL SWAPS DECLINE 4.41% TO $56.52 PMT
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was down US$ ...
Tuesday, 28 July 15
INDONESIA DELAYS PLAN TO RAISE COAL ROYALTIES AMID PLUNGING PRICE - JP
The government will postpone a plan to increase royalty payments from coal miners as they are already burdened with the commodity’s plunging ...
Tuesday, 28 July 15
API 5 FOB NEWCASTLE COAL SWAP LOST M-M AND GAINED W-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery down $ 1.15 per MT (-2.51%) month over month to US$ 44.62 per mt. The swap ...
Monday, 27 July 15
KOMIPO INVITES BIDS FOR TOTAL 545,000 MT OF COAL FOR BORYEONG POWER PLANT
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to purchase total 545,000 Metric Tons (MT) of coal ...
Monday, 27 July 15
CFR SOUTH CHINA COAL SWAP WEAK M/M; FIRM W/W
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.92 (1.77%) per MT month over month.
A commodity swap ...
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Showing 2901 to 2905 news of total 6871 |
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- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- The University of Queensland
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Planning Commission, India
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
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