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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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Wednesday, 15 July 15
ANY FUTURE IRAN OIL DEAL WILL BOOST SUPPLY FUNDAMENTALS WITH TANKER OWNERS HOPING FROM TEHRAN TO QUICKLY BOOST ITS PRODUCTION
With the Greek “Euro-drama” apparently over, at least for now, Iran’s oil deal still remains elusive, with any potential agreemen ...
Tuesday, 14 July 15
FOB NEWCASTLE COAL SWAPS MAINTAIN OVERALL NEGATIVE TONE THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery down $ 1.02 per MT (-2.23%) month over month to US$ 44.68 per mt. The swap ...
Tuesday, 14 July 15
CFR SOUTH CHINA COAL SWAPS DECLINE THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 1.47 (2.82%) per MT month over month.
A commodity swap ...
Monday, 13 July 15
THERMAL COAL IMPORTS SOAR 23 PER CENT TO 24.08 MILLION TONNES AT 12 MAJOR INDIAN PORTS
Import of thermal coal jumped 23 per cent to 24.08 million tonnes at 12 major ports in the first quarter of the fiscal, even as the government cont ...
Monday, 13 July 15
THE DRY BULK MARKET CLOSED ON A POSITIVE TONE THIS PAST WEEK
COALspot.com: Despite Greece crisis and turmoil in the stock market across the world , the freight market overall was firm and up in all segments t ...
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Showing 2926 to 2930 news of total 6871 |
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- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Australian Coal Association
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- The University of Queensland
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
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