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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Wednesday, 20 November 19
FOREIGN DIRECT INVESTMENTS IN COMMERCIAL COAL MINING IN INDIA? - DIPESH DIPU
In August 2019, Government of India announced its approval for Foreign Direct Investment (FDI) for coal mining, processing and sale. Not that FDI i ...
Wednesday, 20 November 19
AUSTRALIA'S NEW HOPE POSTS 66% SURGE IN Q1 SALEABLE COAL OUTPUT - REUTERS
Australian coal producer New Hope Corp Ltd reported on Tuesday a 66% jump in saleable coal production in the first quarter, as output ramped up at ...
Wednesday, 20 November 19
THE IMO AND THE PRICE OF GAS OR THE IMPACT OF THE INTERNATIONAL MARITIME ORGANISATION'S SULPHUR 2020 LIMIT FOR MARINE FUEL OIL ON THE PRICE OF GAS - KING & SPALDING
The main bunker fuel for ships is High Sulphur Fuel Oil (HSFO, with sulphur up to 3.5% m/m (mass by mass)). This will all change on 1 January 2020 ...
Wednesday, 20 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
While the market expects the next OPEC meeting, there are still no clear signs indicating that the organization will keep supporting oil prices, wh ...
Monday, 18 November 19
CHINA RECORDS STABLE COAL PRODUCTION IN JAN-OCT: XINHUA
China’s raw coal output registered stable growth in the first 10 months, while its imports remained robust, official data showed.
...
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- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Australian Coal Association
- The University of Queensland
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
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