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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 19 December 19
COAL POWER GENERATION CONTINUES TO DECLINE IN GERMANY: DESTATIS, XINHUA REPORTED
The volume of electricity generated in coal-fired power plants in Germany decreased “markedly” by 37 percent to 34 billion kilowatt-hou ...
Thursday, 19 December 19
BANGLADESH'S NBR CUTS VAT ON COAL IMPORT FOR POWER PLANTS - THE DAILY STAR
The National Board of Revenue (NBR) reduced value added tax on the import of coal for power plants to 5 percent from present 15 percent for five ye ...
Wednesday, 18 December 19
AVERAGE PRICES OF COAL IN 2018 WERE MORE THAN 60% HIGHER THAN IN 2016 - IEA
Coal use grew again in 2018.
Global coal demand increased by 1.1%, continuing the rebound that began in 2017 after three years of decline ...
Wednesday, 18 December 19
ASIA IS SET TO SUPPORT GLOBAL COAL DEMAND FOR THE NEXT FIVE YEARS - IEA
Press Release: Global coal demand is expected to decline in 2019 but remain broadly stable over the next five years, supported by robust growth in ...
Wednesday, 18 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we all know very well by now, the reduction in the maximum allowable sulphur content of marine fuels in 2020 is likely to have a massive impact ...
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Showing 1236 to 1240 news of total 6871 |
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- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
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