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