We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 26 May 15
FOB INDONESIA COAL SWAP; UP WEEK OVER WEEK
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains week over week and lost month on month, this past week.
The Q3 swap was declined ...
Monday, 25 May 15
FOB NEWCASTLE COAL SWAP Q1'16 CLOSED LOWER THAN Q3'15 CLOSING
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.92 per MT (2.07%) month over month and US$ 0.70 week on week. ...
Monday, 25 May 15
CFR SOUTH CHINA COAL SWAP : Q3, Q4'15 & Q1'16 INCREASED M-O-M AND W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.55 (3.09%) per MT month over month and US$ 0.72 (1.41%) pe ...
Sunday, 24 May 15
INDONESIA TO INDIA PANAMAX CHARTER RATES WERE RATING AT AROUND US$ 5500
COALspot.com: The freight market softened in all segments this past week.
The BDI was dropped 7.57 percent week over week and closed at 586 po ...
Friday, 22 May 15
FOB INDONESIA COAL Q3'15 SWAP FINISHED THE WEEK UP 38 CENTS TO $43.65 PER MT
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains week over week and lost month on month, past week.
The Q3 swap was declined US$ ...
|
|
|
Showing 3006 to 3010 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
|
| |
| |
|
