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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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Thursday, 04 September 14
PUNJAB STATE POWER CORPORATION LIMITED OF INDIA HAS DECIDED TO BUY IMPORTED COAL - HINDUSTAN TIMES
COALspot.com: The Punjab State Power Corporation Limited (PSPCL) has decided to buy imported coal to run its thermal plants, as reported by Hindust ...
Thursday, 04 September 14
INDONESIAN COAL MINERS MAY GET MORE TIME ON ROYALTIES - FITCH RATINGS
COALspot.com: Fitch Ratings says that coal miners in Indonesia are likely to get more time to repay the government the royalties that were set off ...
Thursday, 04 September 14
INDONESIAN COAL SWAPS SLIDE THIS PAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.90 (-1.68%) day on day and US$ 1.80 (-3.31%) per mt week on week. The ...
Thursday, 04 September 14
CAPESIZE : SENTIMENT REMAINS POSITIVE FOR Q3/Q4 - FEARNRESEARCH
Handy
The Atlantic market has experienced more activity this week. Rates for TA´s are up about 8% w-o-w, much lead by an increasing number ...
Wednesday, 03 September 14
KOREA MIDLAND POWER CO. LTD INVITES BIDS FOR 1 MMT OF BITUMINOUS & SUB-BITUMINOUS COAL FOR BORYEONG POWER PLANT
COALspot.com: KOMIPO again in the market for 1 million tons of 5700 NAR and 4600 NAR coal for Jan – March 2015. South Korean state-owned util ...
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Showing 3506 to 3510 news of total 6871 |
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- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Sical Logistics Limited - India
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- PTC India Limited - India
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
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