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 $10.0m, the argument for acquisitions is definitely strong.
Predicting the bottom or the top of the cycle is fairly impossible. Back in 2005 owners who acquired second-hand tonnage had to watch rates fall for more than a year most probably thinking; ”Game Over”. Yet a bit later on and for the next two years, their uncertainty was replaced by the feeling of absolute success and the rest is history. We are not suggesting that asset values could over-perform in the same way they did back then..but saying this, is anyone convinced that there is no significant upside to current levels?
By Giannis Andritsopoulos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 12 May 15
FOB INDONESIA COAL SWAP; DECLINED M-O-M AND W-O-W
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 0 ...
Tuesday, 12 May 15
FOB RICHARDS BAY COAL SWAPS: LOST W-O-W; GAIN M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and decreased week over week.
The Q3 swap h ...
Monday, 11 May 15
DRY BULK CARRIER ORDERS CRASH TO A TWENTY YEAR LOW - CLARKSONS
In the last four months dry bulk orders have fallen to 0.4m dwt per month, the lowest level since the 1990s. This is a massive 98% reduction from t ...
Monday, 11 May 15
HBA PRICE DIPS FURTHER; LOWEST RECORDED SINCE JANUARY 2009
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 61.08 per MT in May ...
Monday, 11 May 15
API 5 FOB NEWCASTLE COAL SWAP; INCREASED M-O-M; DECLINED W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.62 per MT (1.41%) month over month and lost US$ 0.88 week on w ...
|
|
|
Showing 3026 to 3030 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- The University of Queensland
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
|
| |
| |
|
