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.
|
|
Tuesday, 08 December 15
Q1' 16 API 5 FOB NEWCASTLE COAL SWAP CLOSED AT $ 36.73 A TON; 1.73% HIGHER COMPARED TO Q3' 16 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $1.47 per ton (3.85%) month over month to US$ 36.73 per ton. The swap ...
Tuesday, 08 December 15
HOW TO MITIGATE LEGAL RISKS WHEN PURCHASING BUNKERS - LESSONS LEARNED FROM THE OW BUNKER COLLAPSE - THE SWEDISH CLUB
KNOWLEDGE TO ELEVATE
About a year has passed since OW Bunker & Trading A/S filed for bankruptcy. The collapse shows that there are signifi ...
Monday, 07 December 15
5000 GAR CS (I) COAL INDEX REMAIN THE SAME OVER LAST WEEK
COALspot.com: The 5000 GAR CS (i) coal index remain the same over last week.
According to the CS (i) coal (system generated) index, the CS 50 ...
Monday, 07 December 15
COAL DEMAND IN 2016 FAILS TO SUPPORT PRICES; CFR SOUTH CHINA COAL SWAPS SEEN AT $US 42 A TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 1.70 (3.88%) per ton month over month.
A commodity swap ...
Sunday, 06 December 15
THE BDI DECLINED BY 3.09 PERCENT TO 563 POINTS ON 4 DECEMBER
COALspot.com: The BDI declined by 3.09 percent to 563 points on 4 December 2015.
The Cape index was also declined by 10.01 percent to 890 poin ...
|
|
|
Showing 2666 to 2670 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Parliament of New Zealand
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Economic Council, Georgia
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Australian Coal Association
- Cement Manufacturers Association - India
- CNBM International Corporation - China
|
| |
| |
|
