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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 22 December 19
NMDC DIVERSIFIES INTO COAL MINING - THE HINDU
Iron ore mining major NMDC has been allocated two coal blocks in Jharkhand for commercial mining by the Union Ministry of Coal.
Both ...
Sunday, 22 December 19
TRADING PLACES FOR 2020 - BALTIC EXCHANGE
In the sea of 2020 predictions, Saxo Bank’s Outrageous Predictions sail their own very unique course. For nearly 20 years the Danish investme ...
Saturday, 21 December 19
SUPRAMAX: A 63,000 DWT 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 increasi ...
Saturday, 21 December 19
SHIPPING'S SUPPLY AND DEMAND TRENDING OFF BALANCE - BIMCO
One of the most worrying trends that has developed recently – which will affect shipping demand in the years to come – is the falling t ...
Friday, 20 December 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- PTC India Limited - India
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
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