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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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Friday, 27 March 15
INDONESIA: NEW REGULATION REQUIRES LETTER OF CREDIT FOR EXPORT OF PRODUCTS FROM NATURAL RESOURCES
The Minister of Trade issued Ministerial Regulation No. 04/M-DAG/PER/1/2015 (“Regulation No. 4/2015”) on 5 January 2015. Regulati ...
Friday, 27 March 15
WEEKLY U.S COAL OUTPUT FALLS 1.7% W-W; 7.9% Y-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately totaled an estimated 18.2 million ...
Thursday, 26 March 15
CHINA IRON ORE IMPORT FOR THE FIRST 2 MONTHS DECLINED BY 1.2 % Y-O-Y; PANAMAX AUSSIE/CHINA ROUNDS BEING FIXED IN THE $4 -5K RANGE - FEARNLEYS
Handy
There has been more activity in both hemispheres this week. Especially the USG market has picked up with more cargoes for prompter dates en ...
Thursday, 26 March 15
RATES FOR THE SMALLER SIZE SEGMENT CONTINUED TO IMPROVE LAST WEEK - INTERMODAL
To see green across the board is a rare occurrence in the Dry Bulk market nowadays and while the upside in which last week closed off is not of the ...
Thursday, 26 March 15
KYUSHU ELECTRIC POWER OF JAPAN HAS JOINED GLOBALCOAL ONLINE COAL TRADING PLATFORM
globalCOAL® announced today that Kyushu Electric Power, one of Japan’s largest utility companies, has joined its online coal trading plat ...
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Showing 3106 to 3110 news of total 6871 |
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- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Deloitte Consulting - India
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- PTC India Limited - India
- Aditya Birla Group - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- VISA Power Limited - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
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