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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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Thursday, 30 April 15
IRON ORE PLAYS EXPECTED TO SHAPE UP MAY DRY BULK SCHEDULE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Market plays in the iron ore commodities’ markets, are expected to carve out the future demand for the shipping industry as well, said Allied ...
Wednesday, 29 April 15
MARKET INSIGHT - INTERMODAL
The figures of China’s slowing down imports of coking coal for the first quarter of the year are coming to confirm what everybody was expecti ...
Wednesday, 29 April 15
SHIPBUILDERS START OFFERING DISCOUNTS FOR DRY BULK NEWBUILDINGS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It took a while, but now it appears that some shipbuilders are beginning to adjust their price lists to the new grim reality of the dry bulk market ...
Tuesday, 28 April 15
FOB INDONESIA COAL SWAP DECLINED M-O-M; INCREASED W-O-W
COALspot.com: Indonesian coal swap for delivery Q2 2015 gained week over week but declined month on month.
The Q2 swap was declined US$ 0.15 ( ...
Tuesday, 28 April 15
Q2' 15 FOB RICHARDS BAY COAL SWAP CLOSED 4.18% HIGHER FROM MONTH AGO
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 increased month over month and slightly week over week.
The Q2 swap ha ...
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- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Bhatia International Limited - India
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Economic Council, Georgia
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
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