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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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Monday, 08 June 15
SHIPPING FLEET GROWTH HAS STARTED TO SLOW DOWN, AS NEWBUILDINGS AMOUNT TO JUST 329 SHIPS OF ALL TYPES SINCE THE START OF 2015 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Challenging market conditions have led to the inevitable reconsideration of ship owners’ priorities. Uncertainty has been the norm over the p ...
Monday, 08 June 15
API 5 FOB NEWCASTLE COAL SWAPS ADVANCED M-O-M AND W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery increased US$ 0.65 per MT (1.44%) month over month to US$ 45.65 per mt. The ...
Monday, 08 June 15
Q3'15 CFR SOUTH CHINA COAL SWAP ADVANCED 3.51% TO $52.48 PMT THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 1.78 (3.51%) per MT month over month.
A commodity swap is a ...
Sunday, 07 June 15
PANAMAX INDEX ROSE OVER 13% THIS WEEK
COALspot.com: The freight market was up on all segments this past week. The BDI was advanced 3.56% and closed at 610 points. The Cape Index was cli ...
Friday, 05 June 15
U.S PRODUCED 15.1 MMST OF COAL THIS PAST WEEK; LESS 20.7% COMPARED TO SAME PERIOD IN 2014
COALspot.com – United States the second largest coal producer in the world has produced approximately totalled an estimated 15.1 million shor ...
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Showing 2986 to 2990 news of total 6871 |
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- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- White Energy Company Limited
- Eastern Coal Council - USA
- Parliament of New Zealand
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
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