We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 30 June 15
Q1'16 FOB INDONESIA COAL SWAP CLOSED $ 43.45 PER MT
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and flat week over week, this past week.
The Q3 swap was decli ...
Monday, 29 June 15
CFR SOUTH CHINA COAL SWAPS UP SLIGHTLY MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 0.57 (1.11%) per MT month over month.
A commodity swap is a ...
Monday, 29 June 15
FOB NEWCASTLE COAL SWAP SLIGHTLY UP MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.49 per MT (1.08%) month over month to US$ 45.77 per mt. The swap was ...
Saturday, 27 June 15
THE FREIGHT MARKET WAS STEADY EARLIER IN THE WEEK; SOFTEN INTO WEEK'S END
COALspot.com: The freight market remain steady earlier in the week, but towards end of the week BDI and BCI shows some signs of softening.
The ...
Friday, 26 June 15
INDONESIA COAL PRODUCTION FALLS BETWEEN JAN-MAY : JG
The Ministry of Energy and Mineral Resources announced that coal production declined to 166 million tons between January and May, a 19 percent drop ...
|
|
|
Showing 2951 to 2955 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
|
| |
| |
|
