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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Friday, 22 November 19
FORTY PERCENT OF ADARO'S COAL SALES VOLUME IN 9M19 GOES TO THE SOUTHEAST ASIA REGION
PT Adaro Energy Tbk released its consolidated financial statements yesterday, for the nine month period, ending September 30, 2019.
...
Friday, 22 November 19
UNCERTAINTY IN THERMAL COAL MARKET PERSISTED IN 3Q19 - ADARO
Uncertainty in thermal coal market persisted in 3Q19, mainly due to the actions, or inactions, of China in setting policies for global coal market. ...
Friday, 22 November 19
CIL TO DEVELOP 55 NEW COAL MINES IN NEXT 5 YEARS: COAL MINISTER
State-owned CIL will develop 55 new coal mines and expand 193 existing ones in the next five years, Parliament was informed. The company is also un ...
Thursday, 21 November 19
4TH DEEP OFFSHORE WEST AFRICA CONGRESS 2020
4th Deep Offshore West Africa Congress 2020
17 Janaury 2020
Accra, Ghana
Press Release: Following the great succ ...
Thursday, 21 November 19
INDONESIA PLANS TO KEEP $70/T COAL PRICE CAP FOR PLN, DMO - REUTERS
Indonesia’s energy minister Arifin Tasrif said his ministry plans to maintain a price cap on coal being sold to state electricity utility, PT ...
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- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- The University of Queensland
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Planning Commission, India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
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