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Wednesday, 21 October 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
 In today’s dry bulk market, both freight rates and asset prices are creating mixed feelings to seasoned ship owners, who tend to instinctively invest when asset values are low.
Although for a traditional ship-owner, buying a ship and supporting the investment for a period of time is part of being a ship-owner, these days the billion dollar question is "For how long would they have to do so?"
So far, 2015 is more bearish than 2012 which, for the most of us, was perceived as the previous low. When comparing the two, a big difference is that this year there is limited, if any, ordering in the Dry Bulk sector, which means that the industry has probably learned from past mistakes.
If we look at the Panamax / Kamsarmax sector, in 2012 the average BPI was at 963 points compared to the up to date average of 738 point in 2015. In dollar terms for the segment, the average TCA for 2012 was $7,700/day vs $5,900/day this year. SnP data for such ships built post 2000 in Korean and Japanese yards is not aligning with the respective freight trend though. In 2012 there were a total of 23 sales compared to an almost double of 44 transactions reported in the first nine months of 2015.
Another significant difference is that this year the majority of the buyers are traditional and experienced ship-owners, who see this downward spiral of the rates and prices as the right opportunity to invest. Back in 2012 a lot of equity funds, and in general non-traditional financial vehicles were entering and investing in either newbuilding or second hand assets.
Right after the bottom of 2012 we saw an increase on second hand transactions during 2013, which has been the highest up until this year. 2013 also had the highest BPI average and the highest TCA. In the end, the 2013 optimism proved short lived as in 2014 the market started to drop again leading to a small decline in sales for that year. Now what’s interesting in 2015, is that with the lowest BPI and TCA of the 4 year period, it looks like that by the end of it the number of transaction will surpass that of 2013.
Some might say that asset prices will drop further and that potential buyers should wait a bit longer. But let’s be honest; at the price levels we are seeing today, ships are already being priced low. Now if one is worried that by investing now they could miss on a potential additional discount of a 2-3% that might take place down the line, it’s their right to do so. The reality of the situation however, remains the same. When the market is low, investing makes sense. And it seems that people with the most experience out there are doing exactly that.
By Timos Papadimitriou
SnP 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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Friday, 13 November 15
WEAK CHINA POWER DEMAND DAMPENS COAL CONSUMPTION - FITCH
The weak growth in China's electricity consumption in 2015, together with increasing non-thermal power generation capacity are exerting more pr ...
Friday, 13 November 15
DRY BULK, IT IS HARD TO MAINTAIN AN OPTIMISTIC VIEW FOR THE NEXT COUPLE OF MONTHS - INTERMODAL
COALspot.com: The dry bulk owners looking for cover remained under pressure for size segments across the board. With Capes closing off the week as ...
Friday, 13 November 15
WEEKLY US COAL PRODUCTION DECLINES TO 16.5 MMST; SLIDE 14.9% Y-Y: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.5 million shor ...
Thursday, 12 November 15
FOREIGN COAL MINE ACQUISITION - STRATEGY VERSUS OPPORTUNITY FOR INDIAN UTILITIES - DIPESH DIPU
The acquisition market for thermal coal assets abroad is dull. Sellers of all hues are in the market; some are actively scouting for buyers while o ...
Thursday, 12 November 15
PORT OF NEWCASTLE'S COAL EXPORT VOLUME UP IN OCTOBER 2015
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.254 billio ...
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Showing 2716 to 2720 news of total 6871 |
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- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
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