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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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Monday, 18 May 15
Q1' 16 API 8 CFR SOUTH CHINA COAL SWAP CLOSED HIGHER THAN Q3' 15 CLOSING PRICE
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.05 (2.10%) per MT month over month and US$ 0.53 (1.05%) pe ...
Sunday, 17 May 15
INDONESIA - INDIA FREIGHTS RATES EXPECTED TO FLAT TO SOFT NEXT WEEK
COALspot.com: The BDI was up by 10.45% and closed at 634 points week on week, while the Cape index saws big jump or up almost 55% for the same peri ...
Friday, 15 May 15
DRY BULK AND CONTAINER SHIPPING TO REMAIN WEAK, OUTLOOK FOR PORTS AND TANKERS POSITIVE - DREWRY MARITIME EQUITY RESEARCH
Global economy is in a gradual recovery mode, sending mixed signals to investors. Chinese economic data continues to remain weak as economy transit ...
Friday, 15 May 15
COAL PRODUCTION IN U.S DOWN 1.4 MILLION TONS FOR THE WEEK ENDING MAY 8
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
Wednesday, 13 May 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The EU governments in an effort to face their economic crisis individually are facing lack of political cohesion. This reflects back to each econom ...
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Showing 3021 to 3025 news of total 6871 |
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- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Australian Coal Association
- PTC India Limited - India
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
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