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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Tuesday, 26 November 19
PREPARATIONS INTENSIFY AS 1 JANUARY 2020 GLOBAL CUT IN SULPHUR IN SHIP'S FUEL OIL LOOMS: IMO
“IMO 2020” requirements for ships to cut sulphur oxide emissions enter into effect in just over one month’s time. This will signi ...
Monday, 25 November 19
COAL SUPPLY BY CIL TO POWER SECTOR DROPS OVER 8 PC TO 253 MT IN APRIL-OCTOBER - PTI
Supply of coal by state-owned CIL to the power sector registered a decline of 8.5 per cent to 253 million tonnes in the April-October period of thi ...
Monday, 25 November 19
A 53,000DWT SHIP FIXED AT $9,500 DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY VIETNAM - BALTIC BRIEFING
Capesize
After a week of value being eroded on the Capesize market, Friday brought improved sentiment across most of the routes. The 5TC averag ...
Monday, 25 November 19
KOWEPO INVITED 6.79 MILLION TONS OF (SUB)BITUMINOUS STEAM COAL BIDS
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for 6,798,000 tons of coal for 5 years ...
Friday, 22 November 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Australian Coal Association
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Bhatia International Limited - India
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