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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Sunday, 29 December 19
AUSTRALIA SUFFERS WORST OF CHINA'S COAL CURBS AFTER EARLIER BOOM - BLOOMBERG
Australia is bearing the brunt of China’s year-end coal import restrictions, ceding market share to other exporters including Russia and Mong ...
Saturday, 28 December 19
SUPRAMAX: A 63,000DWT VESSEL, OPEN CIGADING, FIXED A TRIP VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $8,500 - BALTIC BRIEFING
Capesize
The Capesize market this past week has been attempting to recalibrate itself in consideration of weakening freight levels and increasing ...
Saturday, 28 December 19
CHINESE INDUSTRIAL CITY TO FURTHER CUT COAL CONSUMPTION - XINHUA
Harbin, capital city of Heilongjiang Province in China’s northeastern industrial heartland, is planning to further reduce its coal consumptio ...
Friday, 27 December 19
MISERY LOOMS OVER TOP COAL SHIPPERS AS CHINA TO BUY LESS IN 2020 BLOOMBERG
China isn’t cutting back on consumption of the most-polluting fossil fuel just yet, but it is set to reduce imports.
The world ...
Thursday, 26 December 19
REVIEW OF 2019 AND OUTLOOK FOR 2020 - OPEC
Global economic growth slowed in 2019, impacted by a variety of challenges. Trade issues not only led to reduction in global final consumption but ...
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Showing 1221 to 1225 news of total 6871 |
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- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Australian Coal Association
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
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