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.
|
|
Tuesday, 15 September 15
Q2'16 RICHARDS BAY COAL SWAPS DIP TO $ 51.10 PER TON
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined week over week and month over month.
The 4Q swap was down US$ ...
Tuesday, 15 September 15
API 5 FOB NEWCASTLE COAL SWAP FOR 4Q' 2015 DELIVERY CLOSED AT $42.71 PER TON ON 11 SEPT, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery declined $0.94 per MT (-2.15%) month over month to US$ 42.71 per mt. The sw ...
Monday, 14 September 15
Q1'16 CFR SOUTH CHINA COAL SWAP DECLINED $1.80 PMT M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.62 (3.21 %) per MT month over month.
A commodity ...
Monday, 14 September 15
MOODY'S LOWERS COMMODITY PRICE ASSUMPTIONS ON MACRO, INDUSTRY FACTORS
COALspot.com: Moody's Investors Service has lowered its base metal price assumptions for 2015-17 as slowing growth in China, lower oil prices, ...
Sunday, 13 September 15
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The BDI decreased further by 6.51 per cent or 57 points since last Friday and closed at 818 on 11 September 2015 while the cape index ...
|
|
|
Showing 2816 to 2820 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Planning Commission, India
- Indian Energy Exchange, India
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- The University of Queensland
- MS Steel International - UAE
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Minerals Council of Australia
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
|
| |
| |
|
