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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.
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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Tuesday, 21 July 15
CHINA'S ENERGY COMMODITY IMPORTS DIVERGING - RICHARD SCOTT | HELLENIC SHIPPING NEWS
Energy commodity imports into China have grown enormously over the past decade, boosting global demand for shipping capacity. But a dramatic change ...
Tuesday, 21 July 15
FOB INDONESIA COAL SWAPS EXTEND LOSS
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and week over week, this past week. The swaps was lost 0.70%.
...
Tuesday, 21 July 15
Q4'15 FOB RBCT COAL SWAP DECLINES NEARLY 3.13 PER CENT MONTH OVER MONTH
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$ ...
Monday, 20 July 15
FOB NEWCASTLE COAL SWAP SEE FURTHER DECLINES
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery down $ 1.32 per MT (-2.89%) month over month to US$ 44.43 per mt. The swap ...
Monday, 20 July 15
CFR SOUTH CHINA COAL SWAPS GAIN WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 1.18 (2.27%) per MT month over month.
A commodity swap ...
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Showing 2911 to 2915 news of total 6871 |
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- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- The University of Queensland
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Australian Coal Association
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
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