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Wednesday, 12 February 14
2013 WAS THE YEAR OF PRIVATE EQUITY FUNDING - TIMOS PAPADIMITRIOU
 COALspot.com: People say that money makes the world go round. Well, can it be that it’s the other way around? Is it possible that money needs to go around regardless of the market's situation? Bulker and tanker rates are neither high nor low, while showing occasional spikes due to seasonality.
There is an overall positive sentiment and why shouldn’t there be one? After more than 5 years of misery and disaster theories, isn’t now a good time to be positive? Aren’t fundamentals pointing to the fact that we are heading towards a period of stability? One could interpret them as such. Does that mean that the market will get less interesting? Less dynamic? Not necessarily.
2013 was the year of private equity funding, were we often found ourselves sceptical about the prices Buyers were paying. Numerous Buyers, that were dormant for years, suddenly emerged hungry for tonnage and rather aggressive on prices backed by new equity partners. It’s already been a month into 2014 and the second hand market is not showing signs of slowing down.
Newbuilding activity on the other hand is slowing down mostly due to scarcity of shipbuilding capacity, pushing buyers to look for re-sales instead of 2017 deliveries. Are we entering the year of the “resale”? The Sellers are now the bold investors that ordered ships at bottom prices 14-16 months ago and now more than ever there is a huge demand for modern assets.
So coming back to the initial question, is money needed to go around no matter what? If the market is more or less stable why are assets indeed becoming more expensive? Nine months ago a 2003 Japanese built Panamax bulker could be sold for USD 14-14.5 million. Today, a 2003 Panamax bares a price tag of USD 21-22 million upwards. MR new building slots were at USD 33-34 million 12 months ago and now they are breaking through the USD 40 million marks for a 2017 delivery. If the orders will or should go forward as scheduled is a whole different question.
So maybe stability is a sign of development. “Volatility” was always the word to be favoured by those chasing the “asset play” but for the traditional operators it is “stability” that does the trick. It’s a return back to basics once again. After years of anticipation of a new market comeback that would mirror the rates of the 2004-2008 period, what we get is a calm but dynamic environment, an environment that can accommodate different projects and approaches with manageable risk.
The reality is that capital needs to be invested and markets need to be fuelled with it. Even if assets are higher priced than what they were a year ago, they are nowhere near the levels of 6 years ago. So it still makes sense to invest. Most importantly, now you have the added bonus of positive sentiment regarding the outlook of most segments. There is confidence and there is willingness to take risks, which at the end of the day is a big part of being a ship-owner.
Compiled by:
Intermodal Research & Valuations | research@intermodal.gr
Analysts:
Mr. George Lazaridis | g.lazaridis@intermodal.gr
Ms. Eva Tzima | e.tzima@intermodal.gr
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, 12 February 14
NEW BUILDING ORDERS REACHING NEW POST-CRISIS HEIGHTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners are looking to take advantage of the last few attractive deals in the new building market, before prices start climbing to new highs and ...
Tuesday, 11 February 14
INDONESIAN COAL SWAP SHOWS STRONG GROWTH IN 2014 SECOND HALF
COALspot.com – Swaps prices slide for thermal coal loading from Indonesia, the world’s largest exporter of the fuel, according SGX.
T ...
Tuesday, 11 February 14
AUSTRALIA'S NEWCASTLE COAL EXPORTS SLIDE AROUND 15% WEEK ON WEEK
COALspot.com: In the week ended 10 February 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled ...
Tuesday, 11 February 14
SHIP OWNERS INVEST IN 447 NEWBUILDINGS AND SECOND HAND VESSELS DURING JANUARY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite a rough start to the year for the dry bulk freight market and lackluster performance from most other shipping sub-segments, ship owners have ...
Monday, 10 February 14
Q1 2015, API 8 CFR SOUTH CHINA COAL SWAP CLOSED AROUND $ 2 HIGHER THAN Q2 14 PRICE
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 delivery lost 2.61 percent month on month and closed at US$ 77.28 per mt as on Frid ...
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- Planning Commission, India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
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