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.
|
|
Monday, 02 June 14
SUB-BIT FOB INDONESIA COAL SWAPS LOST GROUND THIS WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 02 June 14
SOUTH CHINA COAL SWAP WAS SHOWING A POSITIVE MOVE IN Q4, INSTEAD OF THIS WEEK'S WEAK TREND
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 3.39 percent month on month and closed at US$ 72.65 per mt as on F ...
Sunday, 01 June 14
INDO - INDIA SUPRMAX FREIGHT RATES CONTINUED TO DOWN THIS WEEK
COALspot.com: The freight market was soft this past week as all sectors soften particularly Panamax index was lost 129 points or 12.88% week on wee ...
Friday, 30 May 14
CLEAN COAL PROCESSING & CONVERSION ASIA SUMMIT 2014
Clean Coal Processing & Conversion Asia Summit 2014 will be held on Nov 20-21st, 2014 in Jakarta, Indonesia.
With the cooperation of ...
Friday, 30 May 14
US COAL PRODUCTION RELATIVELY FLAT WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
|
|
|
Showing 3676 to 3680 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- MS Steel International - UAE
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- White Energy Company Limited
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
|
| |
| |
|
