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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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Wednesday, 11 March 15
DRY BULK MARKET CLOSED OFF ON THE GREEN FOR A SECOND WEEK IN A ROW - INTERMODAL
COALspot.com: The Dry Bulk market closed off on the green for a second week in a row, while the performance of Capesizes hindered a more substantia ...
Wednesday, 11 March 15
MARKET INSIGHT : NEWBUILDINGS - PANOS TSILINGIRIS
From a cost-based, buy-low perspective, there is currently a buying opportunity in the second-hand dry bulk market. I am an anti-cyclical (buy-low) ...
Wednesday, 11 March 15
DRY BULK MARKET: ALL IS NOT LOST FOR A RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The low cost of commodities across the board could trigger an increase of trade among many countries, which in turn could lead to a recovery of the ...
Wednesday, 11 March 15
U.S. ELECTRIC GENERATING COMPANIES TO ADD MORE THAN 20 GW OF GENERATING CAPACITY IN 2015; 16 GW OF GENERATING CAPACITY IS EXPECTED TO RETIRE IN 2015
COALspot.com: In 2015, electric generating companies in U.S. expect to add more than 20 gigawatts (GW) of utility-scale generating capacity to the ...
Tuesday, 10 March 15
OIL PRICE FORECASTING - IGNORE THE EXPERTS: COLIN MARSHALL
KNOWLEDGE TO ELEVATE
Experts put themselves on a pedestal, making claims to have special forecasting abilities for oil price trends. They, too ...
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Showing 3146 to 3150 news of total 6871 |
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- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Economic Council, Georgia
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
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