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Wednesday, 06 March 19
SHIPPING MARKET INSIGHT - INERMODAL
 In a downward moving market, softer SnP activity is usually a given, as the gap between Sellers’ and Buyers’ ideas widens, especially when the drop in rates takes place in a relatively short period of times, which was the case recently. Aside from the levels of the market and the respective number of deals as this is depicted in the table below, what might be even more interesting to look at is whether in these cases asset prices also moved in tandem with SnP activity and to what degree.
In the case of the 28kdwt Japanese Handy, the number of sales during the first two months of 2017 was more than double compared to the same period this year. Two years ago a 2006 built vessel was valued at high USD 5 million, while the same amount of money will today get you a 2004 built vessel –four years older – even though the BHSI is around the same levels.
As far as Supramax SnP ytd activity is concerned, this is decreased around 30% compared to 2017, while prices are today at relatively higher levels. Indeed, a 57k dwt 2011 Chinese built vessel was valued at around mid- USD 9 million back then, while a 57k dwt 2011 Chinese built Supra was fixed today for high- USD 9 million.
The fact that a very bad year preceded Q1 2017 certainly allowed for more deals back then, with Buyers being hungry for tonnage, after the market had finally started to move up, and Sellers being “exhausted” following many challenging months and ready to accept lower levels. In trying to offer an explanation for the price resistance one could say that Buyers could be already cashing in an extended recovery in rates (after all earnings have already been improving for all other sizes but Capes), which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.
So the anxiety that this could be a window of opportunity to invest that could be soon closing as the market recovers plays a significant role in supporting asset prices. Many are indeed expecting that prices will not adjust accordingly to today’s rates and that positive freight performance from a point onwards will eventually result in even higher prices, which in retrospect will render todays levels as the window of opportunity. So maybe it is time to redefine what “window of opportunity” means and whether this is a short term correction in prices compared to the very recent past or a longer period during which asset prices align with earnings.
By Nassos Soulakis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
George Panagopoulos
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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 16 January 20
SUPRAMAX: INDO/CHINA ROUND VOYAGE FIXING AROUND LOW/MID USD 6,000 BSS APS INDO - FEARNLEYS
Capesize
Still very rough seas for the big ships, with the majority of the fleet trading Far East or fronthaul and consequently earning far les ...
Wednesday, 15 January 20
ASIA PACIFIC GAS AND LNG - 6 THEMES TO WATCH IN 2020 - WOOD MACKENZIE
NEWS RELEASE
Wood Mackenzie has identified six themes that will impact Asia Pacific’s gas and LNG markets in 2020
Asian LNG spot pr ...
Wednesday, 15 January 20
PREDICTIONS FOR 2020: 'SLOWBALISATION" IS THE NEW GLOBALISATION - PWC
Projecting what the future holds is an important exercise for businesses looking to plan ahead. Below we present a summary of some of the themes we ...
Wednesday, 15 January 20
SHIPPING MARKET INSIGHT - INERMODAL
Happy New Year and all the best for IMO 2020 !!
The early days of IMO 2020 coming into force have certainly had an impact on the indus ...
Tuesday, 14 January 20
SOLAS AMENDMENTS ENTERING INTO FORCE 1 JANUARY 2020 - STANDARD CLUB
While the latest amendments to MARPOL annex VI which entered into force on 1 January 2020 limiting the SOx emissions from ships has been the centre ...
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- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- The University of Queensland
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Australian Coal Association
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
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