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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 30 November 19
IMO2020 GLOBAL SULPHUR CUT: GERMAN SHIPPING TO USE NEW TYPE OF FUEL VDR SURVEY
IMO2020 Global sulphur cut: German shipping to use new type of fuel VDR survey: Technical issues and costs are the biggest challenges - VDR
&nb ...
Saturday, 30 November 19
PANAMAX: LEVELS IMPROVED IN THE PACIFIC MARKET TOO WITH $11,000 BEING CONCLUDED ON AN 81,000DWT SHIP FOR AN INDONESIA TO CHINA COAL TRIP - BALTIC BRIEFING
Capesize
The market has been well supported over the past week, led primarily by the Atlantic Basin. After bottoming last week, sentiment was s ...
Friday, 29 November 19
FITCHRATINGS MAINTAINS NEGATIVE 2020 OUTLOOK ON SHIPPING, AS TIGHTER SUPPLY HELPS, BUT SOFTER DEMAND DRAGS
Fitch’s Sector Outlook: Negative
We maintain a negative sector outlook for global shipping because of the forecast slowdown of ...
Friday, 29 November 19
INDONESIA PRODUCES 390 MLN TONNES OF COAL IN JAN-SEPT: MINISTER - REUTERS
Indonesia’s production of coal for the January-September period was 390 million tonnes, Energy and Mineral Resources Minister Arifin Tasrif s ...
Wednesday, 27 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the end of the fourth quarter is approaching, one could say that the wet market has maintained the strong pace observed during the third qu ...
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- White Energy Company Limited
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- The University of Queensland
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
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