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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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Sunday, 12 July 15
SHIPYARD NOT LIABLE FOR ENGINE ROOM FIRE CAUSED BY OIL LEAKAGE - BIRCH WINDAHL
KNOWLEDGE TO ELEVATE
A Danish vessel owner requested a Danish shipyard to undertake repairs and maintenance works on its vessel. An agreement ...
Saturday, 11 July 15
MAJOR IRANIAN GAS EXPORTS WILL TAKE AT LEAST FIVE YEARS - FITCH
Iran has the long-term potential to become one of the world's top gas producers, thanks to its 34 trillion cubic meters (tcm) of natural gas re ...
Friday, 10 July 15
DRY BULK MARKET KEEPS POSITIVE MOMENTUM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its positive momentum over the course of the past few days, thanks to Panamax gains. During yesterday’s session ...
Friday, 10 July 15
U.S PRODUCED APPROXIMATELY TOTALED AN ESTIMATED 14.1 MMST WEEK OVER WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 14.1 million short ...
Thursday, 09 July 15
CPP MARKET : POSITIVE IN THE SHORT TERM - GEORGE VASTARDIS
Despite the traditionally quieter summer period, the clean tanker market has so far experienced healthy activity especially East of Suez. Increased ...
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- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Planning Commission, India
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- The University of Queensland
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
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