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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, 12 July 15
SHIPYARD NOT LIABLE FOR ENGINE ROOM FIRE CAUSED BY OIL LEAKAGE - BIRCH WINDAHL
KNOWLEDGE TO ELEVATE
A Danish vessel owner requested a Danish shipyard to undertake repairs and maintenance works on its vessel. An agreement ...
Saturday, 11 July 15
MAJOR IRANIAN GAS EXPORTS WILL TAKE AT LEAST FIVE YEARS - FITCH
Iran has the long-term potential to become one of the world's top gas producers, thanks to its 34 trillion cubic meters (tcm) of natural gas re ...
Friday, 10 July 15
DRY BULK MARKET KEEPS POSITIVE MOMENTUM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its positive momentum over the course of the past few days, thanks to Panamax gains. During yesterday’s session ...
Friday, 10 July 15
U.S PRODUCED APPROXIMATELY TOTALED AN ESTIMATED 14.1 MMST WEEK OVER WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 14.1 million short ...
Thursday, 09 July 15
CPP MARKET : POSITIVE IN THE SHORT TERM - GEORGE VASTARDIS
Despite the traditionally quieter summer period, the clean tanker market has so far experienced healthy activity especially East of Suez. Increased ...
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- SMC Global Power, Philippines
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
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