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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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Tuesday, 23 June 15
FOB RICHARDS BAY COAL SWAP HAS REMAINED STEADY OVER THE PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and week over week.
The Q3 swap was up US$ 2.32 ...
Monday, 22 June 15
BORYEONG POWER PLANT TO IMPORT 140K MT OF LCV COAL FOR AUGUST - SEPTEMBER 2015
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to purchase 140K Metric Tons (MT) of LCV coal for ...
Monday, 22 June 15
CFR SOUTH CHINA COAL SWAP: UP MONTH OVER MONTH; DOWN WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 0.30 (0.58%) per MT month over month.
A commodity swap is a ...
Monday, 22 June 15
FOB NEWCASTLE COAL SWAP: UP WEEK OVER WEEK AND MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.54 per MT (1.19%) month over month to US$ 45.87 per mt. The swap was ...
Sunday, 21 June 15
SPOT RATE AVERAGES FOR FREIGHT FROM INDONESIA TO INDIA REMAIN STRONG THIS WEEK
COALspot.com: The freight market was quite firm this week compared to last week. The BDI was up 21% week on week and closed at 779 points. The cape ...
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Showing 2961 to 2965 news of total 6871 |
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- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- The University of Queensland
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Planning Commission, India
- White Energy Company Limited
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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