We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Thursday, 29 October 15
Q2' 16 FOB INDONESIA COAL SWAP CLOSED US$ 37.40 PER TON; DECLINED 5.56 PER CENT M-M
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 2.13 (-5.34%) per t ...
Wednesday, 28 October 15
Q2'16 FOB RICHARDS BAY COAL SWAP SEES FURTHER DECLINES
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gained week over week and declined month over month.
The Q4 swap was d ...
Wednesday, 28 October 15
BDI INCREASE TOOK PLACE SOLELY ON THE BACK OF CAPESIZE PERFORMANCE, BUT........ - INTERMODAL
COALspot.com: The Dry Bulk market closed off the week noting a small improvement which nonetheless failed to lift sentiment, not only because ...
Tuesday, 27 October 15
Q1'16 API 5 FOB NEWCASTLE COAL SWAP DECLINE 6 PER CENT M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $2 per ton (4.66%) month over month to US$ 40.93 per ton. The swa ...
Monday, 26 October 15
PORT OF NEWCASTLE SHIPPED 10.5 PER CENT LESS COAL IN SEPTEMBER, COMPARED TO AUGUST LOADING
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.161 billi ...
|
|
|
Showing 2746 to 2750 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Chamber of Mines of South Africa
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Posco Energy - South Korea
- CNBM International Corporation - China
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
|
| |
| |
|
