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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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Friday, 31 October 14
BUKIT ASAM'S NET PROFIT ROSE 27.42% FOR THE PERIOD JANUARY - SEPTEMBER 2014
COALspot.com: Publicly listed coal miner Bukit Asam reported solid profits in the first nine months of 2014 year.
Coal miner Bukit Asam manage ...
Friday, 31 October 14
U.S PRODUCED AROUND 19.3 MMST OF COAL IN A WEEK
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.3 million short tons (mmst) of coal in ...
Thursday, 30 October 14
COAL & GRAINS SUPPORT PANAMAX AND IRON ORE SUPPORTS CAPES
Handy
The Atlantic market has been flat this week. Rates are up about US$ 200 from last week on the TA´s, but the volumes are about the sam ...
Thursday, 30 October 14
DOES A LOU ARBITRATION AGREEMENT FOR THE UNDERLYING CARGO CLAIM COMPLETELY REPLACE THE BILL OF LADING ARBITRATION CLAUSE? - INCE &CO
KNOWLEDGE TO ELEVATE
In the context of cargo claims brought under four bills of lading, the Commercial Court has recently considered whether a ...
Wednesday, 29 October 14
GOOD REASON WHY Q4 CAPESIZE OUTLOOK WAS SO BULLISH AT START OF THE YEAR - COMMODORE RESEARCH
COALspot.com: There was good reason why so many analysts' capesize outlook for Q4 was so very strong at the start of this year. Brazilian ...
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- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Parliament of New Zealand
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- London Commodity Brokers - England
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
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