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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Monday, 16 December 19
THE OUTLOOK FOR U.S. THERMAL COAL IS INCREASINGLY STRESSED - MOODY'S
- Slowing global economic growth, trade tensions will continue to exert influence
- Coal's secular decline will persist in 2020
...
Thursday, 12 December 19
KOWEPO INVITING BIDS FOR 2.28 MILLION TONS OF MIN.4,400 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,280,000 tons of (Sub) Bitum ...
Wednesday, 11 December 19
PANAMAX: THE MARKET REMAINED FIRM IN THE PACIFIC, WITH INCREASED ACTIVITY NOTED IN KEY AREAS, SUCH AS INDONESIA - ALLIED
Capesize – Positive momentum was resumed this past week, with earnings mak-ing some gains once again. This rising pattern was reflected in th ...
Tuesday, 10 December 19
PREPARATIONS INTENSIFY AS IMO 2020 GLOBAL SULPHUR CAP LOOMS - STANDARD CLUB
With less than a month to go for the impending IMO 2020 global sulphur cap, the club has started witnessing dispute cases relating to the measureme ...
Monday, 09 December 19
KOREA SOUTHERN POWER CO LTD IS INVITING OFFERS FOR MIN 3700 NCV COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for 160,000 Tons steam coal.
Acco ...
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- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
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