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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 02 January 20
SULPHUR 2020 COMPENDIUM - HOW ARE INDIVIDUAL PORT STATES EXPECTED TO REACT? - STANDARD CLUB
KNOWLEDGE TO ELEVATE
With the new sulphur limits soon to be in force, Standard Club has been investigating the ways in which certain jurisdict ...
Monday, 30 December 19
AUSTRALIAN MINERS HIT BY LOWEST THERMAL COAL PRICE IN MORE THAN A DECADE - THE GUARDIAN
Australian coal exporters have experienced the biggest annual drop in thermal coal prices in more than a decade during 2019, raising doubts about i ...
Monday, 30 December 19
INDIA'S COAL IMPORTS RISE 4% TO 161.43 MT IN APRIL-NOVEMBER 2019 - PTI
The country’s coal imports registered an increase of 4.4 per cent to 161.43 million tonnes (MT) in the April-November period of the ongoing f ...
Sunday, 29 December 19
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Sunday, 29 December 19
IMO 2020 COMPLIANCE: IT'S UP TO US TO BE GOOD CITIZENS - IBIA
One of the concerns around implementation of the 0.50% sulphur limit has been, and continues to be, the need for effective enforcement to ensure a ...
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Showing 1216 to 1220 news of total 6871 |
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- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Xindia Steels Limited - India
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
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