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.
|
|
Monday, 12 October 15
BDI WEIGHED DOWN BY CAPE
COALspot.com: The BDI (Baltic Dry Index) has come back down again this week. The BDI is a benchmark index used to assess the overall cost of moving ...
Sunday, 11 October 15
TANKER SHIPPING: MORE OPTIMISM IN SIGHT FOR TANKERS IN THE WINTER SEASON - BIMCO
Demand:
2015 has been the year of the tanker. The fundamental improvements with slow supply-side growth for some years coupled with low oil pri ...
Friday, 09 October 15
US WEEKLY COAL OUTPUT UP 1.2 PERCENT TO 17.7 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.7 million shor ...
Thursday, 08 October 15
CAPESIZE: MOST PEOPLE AGREE A SPIKE IN RATES WILL HAPPEN; WHEN, HOW LONG AND HOW SUBSTANTIAL? - FEARNLEYS
Cape
Depressives start of the fourth quarter, with c3 approaching USD 12 pmt and c5 presently in the mind 5's. According to Fearnleys ship br ...
Wednesday, 07 October 15
U.S. COAL EXPORTS FOR THE FIRST SEVEN MONTHS DOWN 21 PER CENT COMPARED WITH THE SAME PERIOD IN 2014 - EIA
Coal Supply
Lower U.S.’s domestic coal consumption and reduced exports contribute to a forecast decline of 89 million short tons (M ...
|
|
|
Showing 2776 to 2780 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Sical Logistics Limited - India
|
| |
| |
|
