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.
|
|
Wednesday, 20 May 15
FOB RICHARDS BAY COAL SWAPS GAINED M-O-M, W-O-W
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and week over week.
The Q3 swap has increas ...
Wednesday, 20 May 15
BUKIT ASAM'S AVERAGE EXPORT PRICE WAS UNDER PRESSURE DURING Q1
COALspot.com: Indonesia’s state owned coal producer saw their profits fall in the first quarter of the year compared to the same period last ...
Wednesday, 20 May 15
IRON ORE PRICES TO REMAIN WEAK ON LOW DEMAND, HIGH OUTPUT - FITCH
Iron ore prices will stay low for several years due to increasing supply, weak demand growth in China and the slower-than-expected closure of high- ...
Tuesday, 19 May 15
KOMIPO IS SEEKING TOTAL 2.34 MMT OF HCV AND LCV COAL FOR 2015 - 2017
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 2.34 million Metric Tons (MT) of HCV ...
Monday, 18 May 15
FOB NEWCASTLE COAL SWAPS SCORE MONTHLY GAINS
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.87 per MT (1.99%) month over month and lost US$ 0.03 week on w ...
|
|
|
Showing 3016 to 3020 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Australian Coal Association
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Economic Council, Georgia
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
|
| |
| |
|
