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