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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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Friday, 14 August 15
CONDITIONS AND COMPLEXITIES IN A TRIPARTITE AGREEMENT: BE SPECIFIC! - INCE & CO
KNOWLEDGE TO ELEVATE
A tripartite agreement reached between the Owners, the Shippers and the Receivers provided that demurrage be paid to the ...
Thursday, 13 August 15
THE RATES FOR CAPES KEPT RALLYING LAST WEEK - INTERMODAL
COALspot.com: Strong Capesize performance kept supporting the Dry Bulk market last week, which noted another positive weekly closing, while rates f ...
Thursday, 13 August 15
FOB RICHARDS BAY COAL SWAPS CONTINUE FALLING
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined month over month and week over week.
The 4Q swap was down US$ ...
Wednesday, 12 August 15
DRY BULK MARKET: WITHOUT A DOUBT REACHED HEALTHIER LEVEL
A few weeks before the end of the summer season, the BDI is hovering around 1,200 points, providing some much needed optimism to all Dry Bulk marke ...
Wednesday, 12 August 15
REGULATION CURBS POWER OF LOCAL AUTHORITIES IN MINING SECTOR IN INDONESIA - FLORENCE G. SANTOSO
The Indonesian Government appears to be getting serious about stripping Regents of the authority to issue mining licenses. The Government took the ...
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- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Videocon Industries ltd - India
- The University of Queensland
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
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