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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Thursday, 09 January 20
SUPRAMAX: A NUMBER OF INDONESIAN ROUND TRIPS WERE REPORTED AT BELLOW USD 5,000 PD LEVELS - FEARNLEYS
Capesize
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Wednesday, 08 January 20
WHAT IS BIMCO THINKING ABOUT 2020? - BIMCO
Every year, BIMCO considers what is in store for the shipping industry and for BIMCO in the coming years, while also reflecting on the year gone by ...
Wednesday, 08 January 20
VINACOMIN SETS TO SELL 49 MILLION TONNES OF COAL IN 2020 - VIETNAM NET
The Vietnam National Coal-Mineral Industries Holding Corporation Limited (Vinacomin) has set to sell 49 million tonnes of coal in 2020, a year-on-y ...
Wednesday, 08 January 20
CHINA'S COAL-RICH PROVINCE CUTS 18.95 MLN TONNES OF CAPACITY IN 2019 - XINHUA
North China’s Shanxi Province reduced its coal production capacity by 18.95 million tonnes by closing 18 coal mines in 2019.
A ...
Wednesday, 08 January 20
JANUARY INDONESIAN COAL PRICE REFERENCE SLIPS US$ 0.37 MOM
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- PTC India Limited - India
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
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