We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
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 ...
|
|
|
Showing 3466 to 3470 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- The University of Queensland
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Planning Commission, India
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
|
| |
| |
|
