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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Tuesday, 17 December 19
AUSTRALIA ENERGY MARKET OPERATOR TURNS SCROOGE ON COAL LOBBY: RUSSELL
Australia, which vies with Indonesia for the title of the world’s largest coal exporter, is planning for an electricity future where use of t ...
Tuesday, 17 December 19
BACK TO FUTURE FOR BUSH AS AUSTRALIA CONSIDERS MOVING AWAY FROM COAL NEWCASTLE - HERALD
Looking backwards could show the way forward for regional communities planning for a future beyond mining.
One of Australia’s ...
Tuesday, 17 December 19
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.01 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points, down 0.01 percent week on week.
The index, released by China Taiy ...
Tuesday, 17 December 19
YEAR 2019: IT IS LOOKING SET THAT THIS YEAR WILL BE ONE OF THE SLOWEST IN TERMS OF DRY BULK NEWBUILDING ACTIVITY - ALLIED
With just two weeks remaining before 2019 comes to an end, it is now looking set that this year will be one of the slowest in terms of dry bulk new ...
Monday, 16 December 19
ULTRAMAX: A 63,000DWT SHIP FIXING DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, FOR RE-DELIVERY TO CHINA AT $11,000 - BALTIC BRIEFING
Capesize
It was one-way traffic for the Capesize market this past week, with all routes giving up value. While downward momentum may have slowe ...
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Showing 1241 to 1245 news of total 6871 |
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- Posco Energy - South Korea
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- White Energy Company Limited
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Australian Coal Association
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
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