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.
|
|
Monday, 18 January 16
Q1'16 CFR SOUTH CHINA COAL SWAP CLOSED AT $ 42.50 PER TON; UP 1% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.43 (1.02%) per ton month over month.
A commodity swap is ...
Friday, 15 January 16
FOB INDONESIA COAL SWAPS FIRM SLIGHTLY LAST WEEK
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month over month and week over week.
According to AsiaClear OTC coal swap's r ...
Friday, 15 January 16
SHIPPING: 2016 STARTED WITH MISERY ACROSS THE BOARD FOR SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As one would have expected, the dry bulk market starter the new year where it left off in 2015, plunging to never seen before depths, as the market ...
Friday, 15 January 16
U.S. WEEKLY COAL PRODUCTION ROSE ACROSS ALL BASINS: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 14 January 16
FOB RICHARDS BAY COAL SWAP FOR Q3 DELIVERY CLOSED $5.90 LOWER THAN Q1 PRICE
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap up month over month and week over week.
The Q1’ 2016 FOB Richards Bay Coal ...
|
|
|
Showing 2606 to 2610 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
|
| |
| |
|
