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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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Monday, 08 June 15
SHIPPING FLEET GROWTH HAS STARTED TO SLOW DOWN, AS NEWBUILDINGS AMOUNT TO JUST 329 SHIPS OF ALL TYPES SINCE THE START OF 2015 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Challenging market conditions have led to the inevitable reconsideration of ship owners’ priorities. Uncertainty has been the norm over the p ...
Monday, 08 June 15
API 5 FOB NEWCASTLE COAL SWAPS ADVANCED M-O-M AND W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery increased US$ 0.65 per MT (1.44%) month over month to US$ 45.65 per mt. The ...
Monday, 08 June 15
Q3'15 CFR SOUTH CHINA COAL SWAP ADVANCED 3.51% TO $52.48 PMT THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 1.78 (3.51%) per MT month over month.
A commodity swap is a ...
Sunday, 07 June 15
PANAMAX INDEX ROSE OVER 13% THIS WEEK
COALspot.com: The freight market was up on all segments this past week. The BDI was advanced 3.56% and closed at 610 points. The Cape Index was cli ...
Friday, 05 June 15
U.S PRODUCED 15.1 MMST OF COAL THIS PAST WEEK; LESS 20.7% COMPARED TO SAME PERIOD IN 2014
COALspot.com – United States the second largest coal producer in the world has produced approximately totalled an estimated 15.1 million shor ...
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Showing 2986 to 2990 news of total 6871 |
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- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- PTC India Limited - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Marubeni Corporation - India
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