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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Saturday, 11 January 20
BALTIC BRIEFING TANKER REPORT - WEEK 2
VLCC
Escalating tensions between the USA and Iran, in addition to a continuing strong market, made for an interesting week, with rates firming ...
Saturday, 11 January 20
SUPRAMAX: INDONESIA COAL RUNS, A 58,000DWT SHIP WAS RUMOURED FIXED DELIVERY KALIMANTAN, REDELIVERY WEST COAST INDIA, IN THE $4,000S - BALTIC BRIEFING
Capesize
Closing out the first full trading week of 2020, the Capesize market is struggling to gain any solid positive upward traction. Opening ...
Friday, 10 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remains flat
China’s benchmark power coal price remained flat during the past week.
...
Thursday, 09 January 20
NEW IMO LIFEBOAT REQUIREMENTS ENTER INTO FORCE - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Three new compulsory IMO resolutions entered into force on 1 January 2020. These resolutions deal with the maintenance, t ...
Thursday, 09 January 20
INDIA'S NEW EASED MINING RULES TO ENHANCE FOREIGN PARTICIPATION IN COAL SECTOR: MINISTER
India’s cabinet has eased mining laws in a bid to attract foreign players to the domestic coal sector and reduce imports of the fuel, coal mi ...
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- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Parliament of New Zealand
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
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