We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Wednesday, 21 October 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
 In today’s dry bulk market, both freight rates and asset prices are creating mixed feelings to seasoned ship owners, who tend to instinctively invest when asset values are low.
Although for a traditional ship-owner, buying a ship and supporting the investment for a period of time is part of being a ship-owner, these days the billion dollar question is "For how long would they have to do so?"
So far, 2015 is more bearish than 2012 which, for the most of us, was perceived as the previous low. When comparing the two, a big difference is that this year there is limited, if any, ordering in the Dry Bulk sector, which means that the industry has probably learned from past mistakes.
If we look at the Panamax / Kamsarmax sector, in 2012 the average BPI was at 963 points compared to the up to date average of 738 point in 2015. In dollar terms for the segment, the average TCA for 2012 was $7,700/day vs $5,900/day this year. SnP data for such ships built post 2000 in Korean and Japanese yards is not aligning with the respective freight trend though. In 2012 there were a total of 23 sales compared to an almost double of 44 transactions reported in the first nine months of 2015.
Another significant difference is that this year the majority of the buyers are traditional and experienced ship-owners, who see this downward spiral of the rates and prices as the right opportunity to invest. Back in 2012 a lot of equity funds, and in general non-traditional financial vehicles were entering and investing in either newbuilding or second hand assets.
Right after the bottom of 2012 we saw an increase on second hand transactions during 2013, which has been the highest up until this year. 2013 also had the highest BPI average and the highest TCA. In the end, the 2013 optimism proved short lived as in 2014 the market started to drop again leading to a small decline in sales for that year. Now what’s interesting in 2015, is that with the lowest BPI and TCA of the 4 year period, it looks like that by the end of it the number of transaction will surpass that of 2013.
Some might say that asset prices will drop further and that potential buyers should wait a bit longer. But let’s be honest; at the price levels we are seeing today, ships are already being priced low. Now if one is worried that by investing now they could miss on a potential additional discount of a 2-3% that might take place down the line, it’s their right to do so. The reality of the situation however, remains the same. When the market is low, investing makes sense. And it seems that people with the most experience out there are doing exactly that.
By Timos Papadimitriou
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 January 16
SHIPPING MARKET INSIGHT - NASOS SOULAKIS
If you believe in the “January effect”, the theory according to which the beginning of a new year has a positive effect on financial in ...
Tuesday, 19 January 16
HAPPY NEW YEAR, COAL PRODUCERS! OR MAYBE NOT - ANDY ROBERTS
To coal producers, 2015 must have seemed far longer than 365 days. From their perspective, as bad as markets were at the beginning of the year, and ...
Tuesday, 19 January 16
COALTRANS ASIA IS RETURNING TO BALI
22nd Coaltrans Asia
Coaltrans Asia is returning to Bali to bring together over 1000 industry decision makers and thought leaders for three day ...
Monday, 18 January 16
INDONESIAN 5700 GAR COAL INDEX ROSE 0.60% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline slightly week over week to averaging $39.93 per ton on this past Friday, acc ...
Monday, 18 January 16
BALTIC DRY SHIPPING INDEX DROPS TO 373 POINTS; DECLINE 13% WEEK OVER WEEK
COALspot.com: The freight market dropped this week as the BDI declined further 13 percent to 373 points week over week. The Cape index ...
|
|
|
Showing 2601 to 2605 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Electricity Generating Authority of Thailand
- The University of Queensland
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
|
| |
| |
|
