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.
|
|
Thursday, 17 September 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
Having experienced, as it was much anticipated, a poor 1st half combined with negative forecasts, summer, in sharp contrast, proved to be more hope ...
Wednesday, 16 September 15
SLOWER GROWTH IN WORLD COAL DEMAND AND LOWER INTERNATIONAL COAL PRICES LED A DECLINE IN INDONESIAN COAL PRODUCTION
COALspot.com: Slower growth in world coal demand particularly China and lower international coal prices have led to a decline in Indonesian coal pr ...
Wednesday, 16 September 15
HIGHER TAXES COULD LEAD GREEK SHIP OWNERS OUT OF THE COUNTRY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
A potential taxation overhaul of the shipping industry in Hellas, which could see the loss of particular tax benefits for ship owners, could lead t ...
Tuesday, 15 September 15
WORLD SEABORNE TRADE: ENTERING INTO A ROLE REVERSAL? - CLARKSONS
Over the past decade, world seaborne trade growth has been dominated by dry bulk and container trade. However, developments in the global economy t ...
Tuesday, 15 September 15
Q2'16 RICHARDS BAY COAL SWAPS DIP TO $ 51.10 PER TON
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined week over week and month over month.
The 4Q swap was down US$ ...
|
|
|
Showing 2811 to 2815 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- White Energy Company Limited
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- The University of Queensland
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Bhatia International Limited - India
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
|
| |
| |
|
