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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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.
The 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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Tuesday, 14 January 20
MABUX: BUNKER MARKET THIS MORNING, JAN.14
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed insignificant and i ...
Tuesday, 14 January 20
SHIPPING MARKET ANALYSIS - ALLIED SHIPBROKING
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Tuesday, 14 January 20
DRY BULK MARKET: "THIS IS NOT THE END OF COAL" SAYS IEA - BALTIC EXCHANGE
A historic drop in coal-fired electricity generation will not sway global coal demand from its upward trajectory through to 2024, though growth wil ...
Saturday, 11 January 20
ARE YOU 95% CONFIDENT THAT YOUR VERY LOW SULPHUR FUEL IS ON SPEC AND MARPOL COMPLIANT? - GARD
KNOWLEDGE TO ELEVATE
Bunker fuel is a commodity and, like all commodities, is produced and sold according to specifications. Bunkers are usual ...
Saturday, 11 January 20
NEW PRICING COULD SPELL TROUBLE FOR CHINA'S COAL SECTOR - CHINA DIALOGUE
Benchmark coal tariffs have been the foundation of China’s electricity pricing since 2004 but this mechanism was replaced on January 1 with a ...
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- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- India Bulls Power Limited - India
- White Energy Company Limited
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Parliament of New Zealand
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Mercator Lines Limited - India
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
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