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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 18 November 19
SUPRAMAX: IN THE INDONESIAN COAL BUSINESS, A 58KDWT VESSEL FIXED DELIVERY PHILIPPINES, REDELIVERY INDIA AT CLOSE TO $8,000 - BALTIC BRIEFING
Capesize
For most of the week the rates were nudging up under a flurry of activity in the Pacific as levels for the West Australia to China C5 ...
Saturday, 16 November 19
LIFE AFTER FOSSIL FUELS: THE DAYS OF OIL AND COAL TRANSPORTATION ARE NUMBERED - BALTIC EXCHANGE
With the world fiercely focused on a decarbonised future, fossil fuel movers and traders might rightly be reconsidering their future. But cast a wi ...
Saturday, 16 November 19
OIL MARKET REPORT: PAUSING TO REFLECT - IEA
Global oil demand in 3Q19 increased by 1.1 mb/d year-on-year (y-o-y), more than double the 435 kb/d seen in 2Q19. China’s demand increased by ...
Friday, 15 November 19
RISING ENERGY DEMAND IN SOUTHEAST ASIA TO BE MET AND SUPPORTED BY COAL - WORLD COAL
Last week the International Energy Agency (IEA) released its semi-annual Southeast Asia Energy Outlook report which outlines the latest insights in ...
Thursday, 14 November 19
EIA EXPECTS U.S. STEAM COAL EXPORTS TO FACE INCREASING COMPETITION FROM EASTERN EUROPEAN SOURCES
EIA expects total U.S. coal production in 2019 to total 698 million short tons (MMst), an 8% decrease from the 2018 level of 756 MMst. The decline ...
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Showing 1286 to 1290 news of total 6871 |
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- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Latin American Coal - Colombia
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
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