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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Wednesday, 25 December 19
COVER FOR WAR AND TERRORISM RISKS, AND COVER IN RESPECT OF BIOLOGICAL AND BIO-CHEMICAL WEAPONS - 2020 POLICY YEAR: AMERICAN CLUB
KNOWLEDGE TO ELEVATE
This Circular describes the arrangements which have been made to provide special cover for war and terrorism risks, and c ...
Wednesday, 25 December 19
EXHAUST GAS CLEANING SYSTEMS (SCRUBBER) GUIDANCE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a few weeks, IMO’s ‘global sulphur cap’ will take effect. The permitted levels of SOx in ship emissi ...
Wednesday, 25 December 19
INDONESIAN BUKIT ASAM TARGETS TO MINE 30 MLN T OF COAL IN 2020 - REUTERS
Indonesian state-owned coal miner PT Bukit Asam targets to produce around 30 million tonnes of coal in 2020, compared with an estimate of 28.5 mill ...
Wednesday, 25 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
As another year in the shipping industry is coming to an end, it is interesting to look at the dry bulk and tanker markets and how these performed ...
Monday, 23 December 19
VLSFO PRICING & AVAILABILITY NEEDS CAREFUL WATCHING - INTEGR8 FUELS
As we approach January 1st 2020 , the VLSFO price premium to HSFO has widened considerably
We are clearly well into the IMO 2020 transition; ch ...
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Showing 1226 to 1230 news of total 6871 |
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- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Planning Commission, India
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Australian Coal Association
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
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