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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Monday, 02 December 19
OPEC PREPS FOR OIL'S 2020 BALANCING ACT - WOOD MACKENZIE
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Monday, 02 December 19
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April 2-3
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5th Deepwater East & Southern ...
Sunday, 01 December 19
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January 20-21 | Prague, Czech Republic
Overview
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- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
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