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