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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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Sunday, 01 March 15
BDI INDEX SLIGHTLY UP CAUSED AN INCREASE IN THE PANAMAX, SUPARAMAX AND HANDY SIZE INDICES
COALspot.com: The freight market saw some gains this week and BDI was up 5.26 pct closed at 540 points. However the Cape index failed to follow BDI ...
Friday, 27 February 15
WEEKLY US COAL PRODUCTION DOWN AN ESTIMATED 14.0% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 16.5 million short tons (mmst) of coal ...
Thursday, 26 February 15
DRY BULK MARKET COULD REBOUND FROM HISTORICAL LOWS IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market could exit from its historical lows in the coming weeks, as Chinese buyers reenter the market after the holiday celebrations. T ...
Thursday, 26 February 15
COAL POLICY RISK: HIGHER ROYALTIES FOR IUP HOLDERS - BAHANA SECURITIES | JAKARTA POST
The Energy and Mineral Resources Ministry plans to raise coal royalties charged to mining operation permit (IUP) holders by the end of the first qu ...
Thursday, 26 February 15
DRY BULK MARKET LOOKING FOR POSITIVE MOMENTUM, BUT PROSPECTS REMAIN DIM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the Baltic Dry Index (BDI) inched a bit higher over the past couple of sessions and the Chinese are returning to the market after a week long hi ...
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Showing 3171 to 3175 news of total 6871 |
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- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Central Electricity Authority - India
- Australian Coal Association
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- White Energy Company Limited
- Dalmia Cement Bharat India
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Singapore Mercantile Exchange
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
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