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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 07 January 20
CLEANER AIR IN 2020: 0.5% SULPHUR CAP FOR SHIPS ENTERS INTO FORCE WORLDWIDE - EUROPEAN COMMISSION
From 1 January 2020, the maximum sulphur content of marine fuels is reduced to 0.5% (down from 3.5%) globally – reducing air pollution and pr ...
Tuesday, 07 January 20
BHP EYES INDIA FOR COAL GROWTH AS CHINA DEMAND FLATLINES - SYDNEY MORNING HERALD
Australia’s largest miner, BHP, believes the long-term trajectory of the emerging economy of India and the acceleration of its steelmaking ou ...
Sunday, 05 January 20
BUNKER QUALITY CLAIMS IN 2020 - ISSUES TO CONSIDER - CLYDE&CO
KNOWLEDGE TO ELEVATE
In recent years the shipping industry has faced a significant number of bunker quality claims, most notably ari ...
Saturday, 04 January 20
SUPRAMAX: A 53,000DWT VESSEL FIXING DELIVERY INDONESIA TRIP TO CHINA AT $4,000 AND A 58,000DWT SHIP FIXING DELIVERY EAST KALIMANTAN TRIP TO THAILAND AT $5,500 - BALTIC BRIEFING
Capesize
The New Year started with an erosion on pre-Christmas rates as the higher low sulphur fuel costs due to IMO 2020 affected levels. From ...
Thursday, 02 January 20
DMO 2020 PRICE SET FOR ELECTRICITY SECTOR - IAN WOLLFF
On the 26th December 2019, the Minister of Energy and Mineral Resources (ESDM) issued the decree No. 261.K/30.MEM/2019 about the States needs for c ...
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Showing 1211 to 1215 news of total 6871 |
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- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Australian Coal Association
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Economic Council, Georgia
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
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