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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.
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Tuesday, 15 September 15
Q2'16 RICHARDS BAY COAL SWAPS DIP TO $ 51.10 PER TON
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$ ...
Tuesday, 15 September 15
API 5 FOB NEWCASTLE COAL SWAP FOR 4Q' 2015 DELIVERY CLOSED AT $42.71 PER TON ON 11 SEPT, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery declined $0.94 per MT (-2.15%) month over month to US$ 42.71 per mt. The sw ...
Monday, 14 September 15
Q1'16 CFR SOUTH CHINA COAL SWAP DECLINED $1.80 PMT M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.62 (3.21 %) per MT month over month.
A commodity ...
Monday, 14 September 15
MOODY'S LOWERS COMMODITY PRICE ASSUMPTIONS ON MACRO, INDUSTRY FACTORS
COALspot.com: Moody's Investors Service has lowered its base metal price assumptions for 2015-17 as slowing growth in China, lower oil prices, ...
Sunday, 13 September 15
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The BDI decreased further by 6.51 per cent or 57 points since last Friday and closed at 818 on 11 September 2015 while the cape index ...
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Showing 2816 to 2820 news of total 6871 |
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- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- PTC India Limited - India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
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