We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Thursday, 10 September 15
IF NOT NOW, WHEN? - GIANNIS ANDRITSOPOULOS
 Our industry is well known to be cyclical with some cycles lasting longer than others. Despite the fact that these shifts in the behavior of the freight market are hardly a surprise anymore, the bottom of each cycle will always find some market participants better prepared than others, having made provisions for the difficult days that follow a period of healthy rates.
The fall in rates naturally succeeds a good period in the market that is characterized by increased freight rates and high asset values. When this fall is combined with low demolition activity and overwhelming deliveries, oversupply of tonnage is the natural consequence. Many owners believe that the bottom of each cycle offers the market a chance to find its balance, while at the same time it also presents buying opportunities that owners can capitalize on once the rebound in rates finally comes.
If we focus on what has been happening during the last three quarters of the year and how the freight market has moved from very low to healthier levels, it is evident that despite the fact that demand cannot be predicted and safely placed into the trade equation, increased demolition and decelerating order books are definitely pushing towards the right direction.
Looking at the year to date period, an interesting point is that buying interest expressed by some owners that usually focus their activity on wet tonnage, has now oriented towards second hand Dry Bulk vessels. The attractive secondhand values over at the Dry Bulk market seem to have convinced non-traditional Dry Bulk owners to invest in the sector, with modern units that are currently priced well below the respective new building assets, luring most of the market interest.
In the first quarter of the year we only saw a small number of second-hand transactions concluding when compared to the number of inspections performed, while as we headed towards the second quarter, the number of buyers in the second hand dry bulk market increased impressively despite the fact that the BDI had hardly moved.
Having as a starting point the sale of the “PRABHU MOHINI” (82,000dwt, ‘11 blt 2011, S. Korea) at low $17.0m back in the beginning of April up to the sale of the “PINCHAT (81,290dwt, ‘12 blt, S. Korea) at $21.5m a couple of weeks ago, we see a gradual improvement in asset values that has not been affected by the ups and downs of the BDI during the second half of the summer season.
Is therefore now the time for an owner who is determined and can support the acquisition of a vessel for a few years to invest in the second-hand market? With the last done for a Japanese Supramax blt ‘08 at $10.8m and the last done for a Japanese Handysize blt ‘11 at $10.0m, the argument for acquisitions is definitely strong.
Predicting the bottom or the top of the cycle is fairly impossible. Back in 2005 owners who acquired second-hand tonnage had to watch rates fall for more than a year most probably thinking; ”Game Over”. Yet a bit later on and for the next two years, their uncertainty was replaced by the feeling of absolute success and the rest is history. We are not suggesting that asset values could over-perform in the same way they did back then..but saying this, is anyone convinced that there is no significant upside to current levels?
By Giannis Andritsopoulos
SnP 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.
|
|
Monday, 21 September 15
KOMIPO OF KOREA INVITES BIDS FOR BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 390,000 Metric Tons (MT) of minimum 4,600 kcal ...
Sunday, 20 September 15
BALTIC CAPE INDEX ROSE 66.52 PER CENT AND STAND NOW AT 1995 POINTS
COALspot.com: The BDI (Baltic Dry Index) rose 17.35 per cent week over week to 960 points on Friday mainly driven by the Capesize segment. The Cape ...
Friday, 18 September 15
SHIPPING AND THE FED RATE DECISION: FINANCING COSTS COULD RISE EVEN HIGHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Regardless of the FED’s decision to raise rates, shipping stands to be influenced by the decision. Shipbroker Allied Shipbroking noted this w ...
Friday, 18 September 15
U.S. COAL PRODUCTION DECLINED 6.7 PER CENT W-W: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.4 million shor ...
Thursday, 17 September 15
COALSPOT HAS LAUNCHED NEW THERMAL COAL INDICES FOR INDONESIAN COAL
COALspot.com has today launched real-time CS (i) Coal Indices.
The Indices represents 3800 kcal/kg GAR, 4200 kcal/kg GAR, 5000 kcal/kg GAR a ...
|
|
|
Showing 2806 to 2810 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Posco Energy - South Korea
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- White Energy Company Limited
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
|
| |
| |
|
