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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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Wednesday, 29 July 15
Q4' 15 FOB RICHARDS BAY COAL SWAPS DECLINE 4.41% TO $56.52 PMT
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was down US$ ...
Tuesday, 28 July 15
INDONESIA DELAYS PLAN TO RAISE COAL ROYALTIES AMID PLUNGING PRICE - JP
The government will postpone a plan to increase royalty payments from coal miners as they are already burdened with the commodity’s plunging ...
Tuesday, 28 July 15
API 5 FOB NEWCASTLE COAL SWAP LOST M-M AND GAINED W-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery down $ 1.15 per MT (-2.51%) month over month to US$ 44.62 per mt. The swap ...
Monday, 27 July 15
KOMIPO INVITES BIDS FOR TOTAL 545,000 MT OF COAL FOR BORYEONG POWER PLANT
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to purchase total 545,000 Metric Tons (MT) of coal ...
Monday, 27 July 15
CFR SOUTH CHINA COAL SWAP WEAK M/M; FIRM W/W
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.92 (1.77%) per MT month over month.
A commodity swap ...
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Showing 2901 to 2905 news of total 6871 |
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- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- White Energy Company Limited
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Economic Council, Georgia
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
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