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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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Wednesday, 15 July 15
ANY FUTURE IRAN OIL DEAL WILL BOOST SUPPLY FUNDAMENTALS WITH TANKER OWNERS HOPING FROM TEHRAN TO QUICKLY BOOST ITS PRODUCTION
With the Greek “Euro-drama” apparently over, at least for now, Iran’s oil deal still remains elusive, with any potential agreemen ...
Tuesday, 14 July 15
FOB NEWCASTLE COAL SWAPS MAINTAIN OVERALL NEGATIVE TONE THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery down $ 1.02 per MT (-2.23%) month over month to US$ 44.68 per mt. The swap ...
Tuesday, 14 July 15
CFR SOUTH CHINA COAL SWAPS DECLINE THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 1.47 (2.82%) per MT month over month.
A commodity swap ...
Monday, 13 July 15
THERMAL COAL IMPORTS SOAR 23 PER CENT TO 24.08 MILLION TONNES AT 12 MAJOR INDIAN PORTS
Import of thermal coal jumped 23 per cent to 24.08 million tonnes at 12 major ports in the first quarter of the fiscal, even as the government cont ...
Monday, 13 July 15
THE DRY BULK MARKET CLOSED ON A POSITIVE TONE THIS PAST WEEK
COALspot.com: Despite Greece crisis and turmoil in the stock market across the world , the freight market overall was firm and up in all segments t ...
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Showing 2926 to 2930 news of total 6871 |
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- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- The University of Queensland
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- CNBM International Corporation - China
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Parliament of New Zealand
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