We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Wednesday, 09 July 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
 The mini-boom in dry bulker values catapulted ship prices too fast too far over the last one-and-a-half year. The concurrence of historically low prices in both second-hand and newbuilding markets, which approached the post Asian crisis lows in inflation-adjusted terms, offered the perfect background for asset play, but this is much easier said than done.
Most real-world buy-low-sell-higher cases concentrated on the flipping of newbuildings contracted at rock-bottom prices when we witnessed Handysize Newbuildings at sub-20musd levels, Ultramaxes at sub-24musd, Kamsarmaxes at rgn 26musd, and Capes at low-mid 40s. Notably, Cargill penned in May 2013 3x180kdwt Capes at SWS, acknowledging they would not operate these ships forever, and by the end of the same year sold them to Scorpio at 57musd each at a stunning rgn10musd profit per vessel. Oldendorff purchased a Crown-63 resale in late 2012 for mid-24s and after trading her, sold her for rgn31musd to Greeks. The same interests recently sold to Diana, a 180k Capesize resale under construction at Qingdao Beihai, for 58musd and a profit in excess of 10musd.
S&P-wise, the appreciation was spectacular on all dry asset classes last year. Regarding LME Panamaxes, ex-Ocean Planet (‘05 Sasebo) was committed in January 2013 by Chartworld at sub-m$15 while ex-Ocean Lily (’06 Imabari) was sold to Sanko close to 25musd this March, resulting in a 2/3 value appreciation in 14mos. While initial appreciation was substantiated, it went on irrationally (mimicry, artificial liquidity by the speculative funds, fear of ‘losing’ the market or even having money in the bank, taxation considerations, low interest rates, etc). On a few S&P asset play cases, in late 2012 Norwegian interests committed the 2006-built Tsuneishi Kamsarmax ex ‘Mizunagi Maru’ arnd 18.4musd and sold her a year later at 23.5musd to Greek interests enjoying a 5musd profit. Chinese owners also got on the bandwagon, having sold two late 90s Capes (m/v Lian Fu Star and m/v Tai Fu Star) to Ukrainians at mid/high teens recording a profit of rgn/xs 5musd per vessel in less than a year.
The current price correction is evidenced by the sale of the ‘Yusho Spica’ at rgn 20musd marked an abrupt 5musd discount from her same-year built sister ‘Ocean Lily’ 3 months ago. This brings asset values back to May 2013 when the ex-Shoyo (76k ’06 Namura) was sold at 20.25musd to Diana. Most likely, the current correction will not break soon the previous lows, because the costs of creating a new asset, ie, newbuilding prices, are well above previous lows and there are still many buyers/funds getting ready to step in, should a further correction in asset values occurs.
Well-timed acquisitions materialize when the others are fearful, when the banks do not lend money, when speculative money becomes disappointed. Nobody knows where we are heading but the recent past has benchmarked a lower bound for assets. As such, there may be longer-term value in modern S&P deals priced up to a 20% premium above the rock-bottom (e.g. a 2006/7 Japanese built Panamax BC at 18musd) and at a respective 10% premium for newbuildings (e.g., rgn/sub 29-30musd for Kamsa NBs from top Chinese yards). We may be getting close to there, but there are strong resistance forces as well.
Perhaps the wildest scenario would arise if the freight market stays depressed for another year and asset prices deteriorate further. What would then be the reaction of the speculative funds that, having a short-term investment horizon anyway, may massively look for an exit? In case this happens, it may signal the biggest asset play opportunity in the coming years.
By Panos Tsilingiris - SnP Broker
Analysts:
Mr. George Lazaridis
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.
|
|
Wednesday, 02 July 14
HANDY BULKERS PROVE TO BE THE MOST SOUGHT AFTER VESSELS OVER THE PAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The Handy dry bulker proved to be the most sought after ship by ship owners active in the second hand market, which saw a slight decline in terms o ...
Wednesday, 02 July 14
SHIPPING: MARKET INSIGHT - GEORGE DERMATIS
After 6 months, 57 ministerial meetings and 67 political agreements, the journey of the Greek Presidency in the EU reached its end yesterday; only ...
Tuesday, 01 July 14
INDIAN POWER PLANT COAL STOCKPILES VERY LOW
COALspot.com: According to today's Weekly Dry Bulk Report published by Commodore Research, Indian power plant coal stockpiles have now fallen t ...
Monday, 30 June 14
SUB-BIT FOB INDONESIA COAL PRICES ARE STILL STRUGGLING TO RECOVER
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on week and on month according to AsiaClear OTC coal swap's reports release ...
Monday, 30 June 14
WEEKLY CFR SOUTH CHINA COAL SWAPS DECLINE CONTINUES; Q1'15 LOST US$ 4.55 PMT IN A WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 fell US$ 5.25 month on month on Friday, dipping under $69 a tone. The CFR South Ch ...
|
|
|
Showing 3631 to 3635 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Planning Commission, India
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
|
| |
| |
|
