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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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Sunday, 26 July 15
INDO-INDIA OCEAN COAL FREIGHT RATES REMAIN STEADY
COALspot.com: The freight market continued lost steam towards end of the week and all indices were showing downward trend.
The BDI was up by 3 ...
Friday, 24 July 15
U.S PRODUCED 17.2 MMST OF COAL FOR THE WEEK ENDED JULY 18; FELL 11.5% YEAR ON YEAR
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.2 million shor ...
Friday, 24 July 15
THE IMPACT OF COLLAPSING CHINESE COAL IMPORTS - CLARKSONS
Global seaborne coal trade is currently projected to drop 1% y-o-y in 2015, which would be the first annual decline in almost three decades. The dr ...
Thursday, 23 July 15
ELEVEN NEW NICKEL SMELTERS ARE TO BE BUILT IN INDONESIA OVER THE NEXT TWO YEARS AT A COST OF $1.4 BILLION
Indonesia’s Most Reputable Nickel Event
Eleven new nickel smelters are to be built in Indonesia over the next two years at a cost of $1. ...
Thursday, 23 July 15
THE CAPESIZE SEGMENT KEPT FOUNDING SUPPORT ON INCREASED DEMAND FROM CHINESE STEEL MILLS - INTERMODAL
The Dry Bulk market closed off on Friday (17July 2015) noting substantial gains and the BDI surpassing the 1,000 points level for the first time af ...
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- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- PTC India Limited - India
- The University of Queensland
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
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