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, 06 May 15
COMBINATION OF HOLIDAYS AND A SHAKY MARKET PUT ADDITIONAL PRESSURE ON RATES
COALspot.com: The combination of holidays and a shaky market is always a recipe for additional pressure on rates and last week was no exception. Wi ...
Wednesday, 06 May 15
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
The first four months of 2015 are now behind us and they make up for a decent amount of time to look back and assess how the year is evolving so fa ...
Tuesday, 05 May 15
MIFA BERSAUDARA UNIT OF ABM INVESTAMA STARTS OPERATING $200M COAL MINE IN ACEH
Reswara Minergi Hartama, a coal mining unit of coal miner ABM Investama known as known as Reswara, inaugurated a $200 million integrated coal minin ...
Tuesday, 05 May 15
FREIGHT DERIVATIVE VOLUMES REACHED TOTALED 14,154 CONTRACTS IN APRIL - SGX
COALspot.com: “Our unique suite of freight and bulk commodity products provides market participants with a wide range of trading strategies a ...
Tuesday, 05 May 15
OVERSUPPLY PUTTING INDONESIAN COAL PRICES UNDER PRESSURE
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 1 ...
|
|
|
Showing 3036 to 3040 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Australian Coal Association
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
|
| |
| |
|
