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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.
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Wednesday, 13 January 16
U.S. COAL PRODUCTION DECLINED BY 109 MMST IN 2015; COAL EXPORTS DECREASED 21% Y-O-Y
COALspot.com: U.S. coal production declined by 109 million short tons (MMst) (11%) in 2015, the largest decline ever recorded, says EIA.
The 2 ...
Wednesday, 13 January 16
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Going through the second week of 2016 we could easily argue that at this point there are no visible signs of an imminent recovery in the Dry Bulk m ...
Wednesday, 13 January 16
IRON ORE IMPASSE - A FAILED CLAIM FOR CONVERSION - CLYDE & CO
KNOWLEDGE TO ELEVATE
In the recent case of the “Bao Yue”, the English High Court found that the bill of lading holder was liable t ...
Tuesday, 12 January 16
5700 GAR COAL FOR DELIVERY WITHIN Q1 FELL 0.91% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin moved South direction week over week to averaging $39.96 per ton on last Friday, acc ...
Monday, 11 January 16
PORT OF NEWCASTLE SHIPPED 20% MORE COAL IN DECEMBER 2015; AVERAGE SELLING PRICE DECLINE 3.43%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.129 billio ...
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Showing 2611 to 2615 news of total 6871 |
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- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Australian Coal Association
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Bhushan Steel Limited - India
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