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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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Thursday, 17 September 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
Having experienced, as it was much anticipated, a poor 1st half combined with negative forecasts, summer, in sharp contrast, proved to be more hope ...
Wednesday, 16 September 15
SLOWER GROWTH IN WORLD COAL DEMAND AND LOWER INTERNATIONAL COAL PRICES LED A DECLINE IN INDONESIAN COAL PRODUCTION
COALspot.com: Slower growth in world coal demand particularly China and lower international coal prices have led to a decline in Indonesian coal pr ...
Wednesday, 16 September 15
HIGHER TAXES COULD LEAD GREEK SHIP OWNERS OUT OF THE COUNTRY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
A potential taxation overhaul of the shipping industry in Hellas, which could see the loss of particular tax benefits for ship owners, could lead t ...
Tuesday, 15 September 15
WORLD SEABORNE TRADE: ENTERING INTO A ROLE REVERSAL? - CLARKSONS
Over the past decade, world seaborne trade growth has been dominated by dry bulk and container trade. However, developments in the global economy t ...
Tuesday, 15 September 15
Q2'16 RICHARDS BAY COAL SWAPS DIP TO $ 51.10 PER TON
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined week over week and month over month.
The 4Q swap was down US$ ...
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Showing 2811 to 2815 news of total 6871 |
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- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Australian Coal Association
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
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