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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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.
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Wednesday, 04 December 19
FITCH RATINGS: CASH FLOW GENERATION TO SLOW DOWN FOR INDONESIAN COAL MINERS
Fitch Ratings' negative outlook on the Indonesian coal-mining sector reflects our view of weaker cash flow generation on account of declining c ...
Wednesday, 04 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
Dry bulk freight rates rebounded last week, a development that came as a relief following the recent negative sentiment that prevailed in the marke ...
Wednesday, 04 December 19
INDONESIA REVIEWING RULES MANDATING COAL SALES TO LOCAL BUYERS: OFFICIAL - REUTERS
Indonesia is reviewing rules that require coal miners to sell a portion of their coal to local buyers, a government official said on Monday, as sup ...
Tuesday, 03 December 19
STABILITY AND COMPATIBILITY OF VERY LOW SULPHUR FUEL OILS - GARD
In order to meet increasing restrictions on the sulphur content in marine fuel as defined by MARPOL Annex VI Regulation 14.1.3, the characteristics ...
Monday, 02 December 19
COAL PRODUCTION IN INDIA UP BY 164.58 MT IN 5 YEARS - BUSINESS LINE
Raw coal production in the country has increased from 567.77 million tons (MT) in 2013-14 to 730.35 MT in 2018-19, Union Coal and Parliamentary Aff ...
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- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Australian Coal Association
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Parliament of New Zealand
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
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