We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Wednesday, 22 July 15
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS | INTERMODAL
 In both bulk shipping sectors, there are certain, yet different, reasons and strategies to invest. In the wet, buy once you can charter-out long, while in the dry go long on chartering-in or buy and wait.
In the wet sector, buying a 5-year old Tanker and chartering it out for 3-years would return back a significant part of the investment, namely, 35-40% in all sectors from MR to VLCCs. The Price to 1-year Earnings(annualized 3-year T/C Revenues minus OPEX) ratios for all tanker sectors are in the region of 7.45 and 8.63, well below the several last years’ averages, which renders investments with fixed charters attractive. The anticipated correction in product tankers due to the significant deliveries did not materialize with the demand absorbing the supply. At the same time, the crude sector enjoys the strongest freight market since 2008-09. 15-year old VLCCs, which had reached valuations below $20m in 2012/13 are today valued double that price at shy/rgn $40m. However, the crude tanker order book is increasing and the challenging conditions for shipyards may tempt them to lower/control their prices further to get more new building orders. So, the implied strategy for tankers is buy if you can charter-out long-term at the current firm rates.
In the dry sector, Messrs. Fredriksen, Embiricos, Chandris, Angelicoussis, Martinos extended family, Prokopiou, Hadjiyiannis (Cyprus) are just a few amongst distinguished counter-cyclical peers who have made decisive moves during this 1st half. 15-yo Capes were sold in the $9m’s, about one third of the price paid 15 months earlier.
Interestingly, in the last couple of weeks, prices for modern Kamsarmaxes have increased almost 10% for the first time since March 2014 while competition and the number of inspecting parties is rising. Meantime, the BDI has more than doubled since February’s historical lows. The record scrapping of the 1st half and the limited new building orders during the last year point to an eventual recovery. The short term momentum for asset values is rosy, while the longer (3-year) t/c rates remain extremely depressed and represent a promising alternative vehicle of investment although the owners willing to charter-out on a long basis are scarce.
Finally, we have calculated the ratios of the Price of a 5-year old vessel over its 1-year earnings. We used 3-year T/C rates (on an annualized basis) to remove excess ‘noise’ and since both asset values and longer-T/C rates incorporate certain (ir-)rational expectations. No strong pattern was revealed. Still the strongest incentive to invest is ‘buy as low as it gets’ even if the underlying freight market is depressed or ‘buy and fix long’ when P/E’s are low.
By Panos Tsilingiris
SnP/Newbuildings Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Wednesday, 23 September 15
INDONESIA: NEW REGULATION APPLIES FINAL INCOME TAX TO MINERAL AND COAL SALES - FLORENCE GRACIA SANTOSO
To increase state revenue from the mining sector, the Government of Indonesia has imposed a new final income tax on any sale of mineral and coal, a ...
Tuesday, 22 September 15
1Q16 FOB INDONESIA COAL SWAP DECLINED 6.49 PER CENT M-M
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week.
The 4Q swap declined $ 2.29 (-5.42%) per t ...
Tuesday, 22 September 15
FOB RICHARDS BAY COAL SWAPS FALL CONTINUES
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined week over week and month over month.
The 4Q swap was down US$ ...
Monday, 21 September 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED HIGHER THAN Q2' 16 SWAP
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery increased $0.43 per ton (1.01%) month over month to US$ 42.95 per ton. The ...
Monday, 21 September 15
CFR SOUTH CHINA COAL SWAP GAINED WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 0.45 (0.90 %) per ton month over month.
A commodit ...
|
|
|
Showing 2801 to 2805 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Central Java Power - Indonesia
- PTC India Limited - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Australian Coal Association
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
|
| |
| |
|
