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, 30 June 15
Q1'16 FOB INDONESIA COAL SWAP CLOSED $ 43.45 PER MT
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and flat week over week, this past week.
The Q3 swap was decli ...
Monday, 29 June 15
CFR SOUTH CHINA COAL SWAPS UP SLIGHTLY MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 0.57 (1.11%) per MT month over month.
A commodity swap is a ...
Monday, 29 June 15
FOB NEWCASTLE COAL SWAP SLIGHTLY UP MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.49 per MT (1.08%) month over month to US$ 45.77 per mt. The swap was ...
Saturday, 27 June 15
THE FREIGHT MARKET WAS STEADY EARLIER IN THE WEEK; SOFTEN INTO WEEK'S END
COALspot.com: The freight market remain steady earlier in the week, but towards end of the week BDI and BCI shows some signs of softening.
The ...
Friday, 26 June 15
INDONESIA COAL PRODUCTION FALLS BETWEEN JAN-MAY : JG
The Ministry of Energy and Mineral Resources announced that coal production declined to 166 million tons between January and May, a 19 percent drop ...
|
|
|
Showing 2951 to 2955 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- The University of Queensland
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
|
| |
| |
|
