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Wednesday, 05 November 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
 COALspot.com: The steep appreciation in dry bulker values between late 2012 and March 2014 resulted in unrealistically expensive ship values compared to fundamentals and vessel’s earnings. 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 while several owners attempted to offload tonnage acquired at rock-bottom prices only a dozen of owners managed to successfully do so.
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. Today, after the ongoing correction in newbuildings prices, we still stand well in excess of 10% above previous lows. We do not anticipate witnessing new lows in the Newbuildings market because the costs of creating a new asset, ie, newbuilding prices, are well above previous lows. This is not only due to labor and maker’s inflation but also because of incoming new regulations (notably, Tier III engines, harmonized CSR, etc). Indeed, certain shipbuilders in all major shipbuilding countries have realized this and are more aggressively marketing slots again in advance in order to secure orders which demand a lower cost of construction.
During the same period in the S&P market, volatility prevailed. As far as LME Panamaxes are concerned, ex-Ocean Planet (‘05 Sasebo) was committed in January 2013 by Chartworld at rgn 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 just 14 months. The current correction notoriously commenced back in June with the sale of the ‘Yusho Spica’ at rgn 20musd which marked an abrupt 5musd discount from her same-year built sister ‘Ocean Lily’ sold just 3 months earlier (in March 2014). Asset values were brought back to May 2013 when the ex-Shoyo (76k ’06 Namura) was sold at 20.25musd to Diana. This week’s reported sale of 2008-built Japanese-built Kamsarmax Medi Sentosa at region 19.5musd to Greeks is marginally discounted when compared to the sale of ex-Stefania Lembo (82k, 2010, Tsuneishi – JPN) to Diana Shipping back in September 2013. Interestingly, the price correction for older tonnage Panamax tonnage is steeper. More than a month ago the Japanese controlled Panamax Bulker 'Mishima' (76600kdwt, 2002, Imabari, MAN B&W 6S60) was committed at rgn 12.5musd to Greeks very close to the levels of ex-Archon (75k, Hitachi, 2001, B&W 6S60) which was committed in the end of January 2013 (very close to the bottom) by Greeks at rgn 12.4musd. That said, as far as mid/late 90s Panamaxes the prices are concerned, these are currently very close to the previous bottom.
Two ongoing factors that we need to take into consideration are the weakening Japanese Yen and the price of Oil/Bunkers. The Japanese Yen, which declined to a seven year low versus the dollar, and its outlook after the Bank of Japan unexpectedly increased monetary stimulus that tends to devalue the currency, will further entice more Japanese owners and Builders to sell Vessels and Slots, respectively, and accept less dollars. Moving on to the price of oil, a rule of thumb is that a 10% decrease will increase 0.25% off global growth, while the lower price of Bunkers will hurt the newbuildings ‘eco’ story and will give some support to “non-eco” tonnage. Based on the recent history and the rock-bottom price resistance levels witnessed before, there may be longer-term value in Newbuilding and S&P deals priced south of current market levels.
Compiled by:
Intermodal Research & Valuations
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.
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Sunday, 23 November 14
ITALY'S STEAM COAL IMPORTS TO DROP BY 11% IN 2014 - ASSOCARBONI
COALspot.com: Italy’s steam coal imports expected to drop to 16 million tons in 2014 (-11% compared to 2013); coking coal imports to plunge t ...
Saturday, 22 November 14
THE FALL IN BUNKER PRICES REDUCE FUEL COSTS SIGNIFICANTLY - BIMCO, PETER SAND
For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs are reduced by as much as USD 1 million a year if current price level st ...
Saturday, 22 November 14
DRY BULKERS NEWBUILDING DELIVERIES REACHED 11.8 MILLION DWT DURING THIRD QUARTER, NET FLEET GROWTH FOR 2014 TO REACH 5% - HELLENIC SHIPPING NEWS
The dry bulk market has rebounded since its less than impressive performance since the start of the year, but overall, third quarter figures could ...
Friday, 21 November 14
BUMI ENTERS INTO CONDITIONAL SALE & PURCHASE AGREEMENT TO SELL FBS STAKE
COALspot.com: PT Bumi Resources Tbk, one of the Indonesia's largest coal producers confirms that it has executed a Conditional Sale and Purchas ...
Friday, 21 November 14
U.S LAST WEEK'S COAL PRODUCTION STAYS FLAT W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
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- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- The University of Queensland
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Bhatia International Limited - India
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
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