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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 21 July 15
CHINA'S ENERGY COMMODITY IMPORTS DIVERGING - RICHARD SCOTT | HELLENIC SHIPPING NEWS
Energy commodity imports into China have grown enormously over the past decade, boosting global demand for shipping capacity. But a dramatic change ...
Tuesday, 21 July 15
FOB INDONESIA COAL SWAPS EXTEND LOSS
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and week over week, this past week. The swaps was lost 0.70%.
...
Tuesday, 21 July 15
Q4'15 FOB RBCT COAL SWAP DECLINES NEARLY 3.13 PER CENT MONTH OVER MONTH
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$ ...
Monday, 20 July 15
FOB NEWCASTLE COAL SWAP SEE FURTHER DECLINES
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery down $ 1.32 per MT (-2.89%) month over month to US$ 44.43 per mt. The swap ...
Monday, 20 July 15
CFR SOUTH CHINA COAL SWAPS GAIN WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 1.18 (2.27%) per MT month over month.
A commodity swap ...
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Showing 2911 to 2915 news of total 6871 |
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- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Australian Coal Association
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Planning Commission, India
- CNBM International Corporation - China
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- The University of Queensland
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
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