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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Saturday, 07 December 19
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Saturday, 07 December 19
SOUTH AFRICAN COAL PRICE SURGE, WHILE OTHERS LANGUISH, IS TROUBLING - REUTERS
Coal prices around the world are gently sliding as demand from top importers such as China, India and even Europe remains subdued amid a so far mil ...
Saturday, 07 December 19
SUPRAMAX: OVERALL, THE BALTIC SUPRAMAX INDEX REMAINED IN POSITIVE MODE, DESPITE SOME AREAS LACKING FRESH ACTIVITY - BALTIC BRIEFING
Capesize
This week the Capesize market maintained healthy earnings, as an end of year surge took the Capesize 5TC back up to $25,202 by mid-wee ...
Friday, 06 December 19
INDONESIA COAL BENCHMARK PRICE FOR DECEMBER INCREASES BY US 3 CENTS MOM
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Thursday, 05 December 19
IMO 2020 IS ABOUT TO GET REAL - GAVIN THOMPSON
As I write this edition of the APAC Energy Buzz from my desk in Singapore I can see ships. Lots of ships. No surprise given that Singapore is among ...
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- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- The University of Queensland
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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