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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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- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Australian Coal Association
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
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