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Friday, 26 September 14
NEWCASTLMAXES ARE THE MOST SOUGHT AFTER VESSELS BY SHIP OWNERS TODAY SAYS VESSELS VALUE
 KNOWLEDGE TO ELEVATE
Determining a ship’s fair value can be a very tricky business, especially when you’re the one paying. As such, ship owners are looking at a variety of factors, when they pull the trigger on new acquisitions, whether these are newbuildings or existing carriers, especially in today’s challenging market conditions, when a wrong business decision is often hard to recover from.
In an exclusive interview with Hellenic Shipping News Worldwide (www.hellenicshippingnews.com), Vessels Value’s Director of Analytics, Mr. Kaizad Doctor, provides a very useful insight into the process of evaluating ships’ prices, while noting the current trends in the market. The ship valuations’ company is also launching a new service, with an aim to provide a more tailored analysis of ship values.
In which parts of the market, have you witnessed the biggest market corrections?
We re-base the standard 5 year old vessels to Jan 14 and evaluate the change in prices. The prices are adjusted for depreciation and therefore represent absolute market fluctuations.
We can see that despite the recent poor performance of the Panamax sectors the smaller vessel types, Handysize has the worst total returns in terms of asset prices.
Do you feel that asset values have bottomed out, or is there still room for more falls?
Asset values have been evaluated in terms of their relative position across market cycles. We evaluate the current 5 year old asset values historically in terms of their relative percentiles. (e.g. Capesize 5 Yo is currently valued at 49.6 MUSD which is roughly 45% of the historical price changes from Jan 2007, however after eliminating the supercycle we find that the number jumps to 67% and Capesizes do not look cheap).
Judging by our metrics below we feel that Supra and Handy are relatively cheap however our study is not forward looking and obsolescence in terms of asset classes needs to be considered (e.g. Ultramax’s)
In terms of the future course of values, in which segments do you see potential for major fluctuations?
We evaluate volatility (rate of change or fluctuations) across asset classes and we find that the larger vessels are prone to periods of higher volatility which then “spills over” across the categories.
An historical evaluation shows periods of high volatility in the cape segments and overall periods (see surface below) where all sectors were affected simultaneously.
Going forward we expect the highest volatility in the Capesize and the Ultramax segments.
In terms of owners’ demand, do you think that modern tonnage (i.e. up to 5 years old) or older tonnage is the most sought-after?
We have indices for liquidity which enable us to evaluate the most “fashionable” asset size and age. This preference changes with time and reflects the owners future view of the sectors earning capabilities.
This indicates the current preference for newbuilding resales and capesizes less than 5 year olds currently but in 2011 the preference was also expressed for older capes.
Sticking with ships demand, where do you see ship owners heading in terms of future demand? Which vessels offer the best value for money at the moment, at least when compared to their historical price averages?
We represent the order book in terms of time and size by category in order to evaluate the owners preferences and see which categories are most popular,
Two sample categories:
Capesize: newcastlemax vessels are currently the most popular size for capes providing a marked shift from the traditional 180,000K vessels.
Supramax: this sector has a more heterogeneous size preference however Ultramax new builds and a preference for larger Supramax can be clearly seen.
What new services have you introduced lately? Do you feel that the market is now covered in its entirety by VesselsValue?
We are launching our new service VVQ Bespoke Consultancy, a collection of advanced analytical services, products and reports for maritime and finance professionals. Reports can be tailored to your preferences, are delivered in a time frame to suit the client, anywhere from weekly, monthly or yearly. We purposely designed VVQ to incorporate the same instant access of an entire ship database with unique and personalized reports.
Do you feel that, in the future, you will have to distinguish pricing and valuations, between ECO ships and their more conventional counterparts?
Eco Ships are a premium type of newbuild and so carry extra value which translates into the second hand market: If the market is flat i.e. there is not much activity, there is a greater gap between the total value of newbuilds and second hand vessels.
However if there is a spike in demand, the eco gap becomes smaller. This makes it a two tier market. The better the market, the more the price differential narrows.
Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide
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Saturday, 27 September 14
OIL MARKET CONTANGO: SPECULATION ON FUTURE PRICES CAN BE A RISKY MOVE, EVEN FOR TANKER OWNERS HELLENIC SHIPPING NEWS
Despite the fact that tanker owners can easily use their vessels as floating storage units for oil, in a bid to exploit the current oil market dyna ...
Saturday, 27 September 14
MORE COAL MINERS AGREE TO AMEND CONTRACTS - THE JAKARTA POST
The Energy and Mineral Resources Ministry is in a rush to beat a deadline for the conclusion of numerous memorandums of understanding (MoUs) with t ...
Friday, 26 September 14
INDIA SUPREME COURT RULING TO HIT STEEL, UTILITY EARNINGS, SAYS FITCH
COALspot.com: The 24 September Supreme Court of India (SCI) decision to cancel almost every coal block allocation since 1993 will have a negative f ...
Friday, 26 September 14
U.S WEEKLY COAL PRODUCTION FELL 1.8% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.80 million short tons (mmst) of c ...
Friday, 26 September 14
ORACLE SIGNS EPC FRAMEWORK AGREEMENT WITH SEPCO FOR COAL MINE AND POWER PLANT IN PAKISTAN
COALspot.com: Oracle Coalfields PLC, the UK developer of a lignite coal mine and power plant in the south-eastern Sindh Province, Pakistan, has ann ...
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- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
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