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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 13 November 19
INDONESIAN NOVEMBER COAL PRICE REFERENCE LOGS FIRST GAIN SINCE AUGUST
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Wednesday, 13 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
The improvements seen in the dry bulk market during the unexpectedly strong Q3 brought enthusiasm and optimism for a last quarter rally. Indeed as ...
Tuesday, 12 November 19
COAL IMPORTS AT MAJOR PORTS SLIP 18 PC TO 51 MT IN APRIL-OCTOBER - ECONOMIC TIMES
The Indian Ports Association (IPA), which maintains cargo data handled by these 12 ports, in its recent report, said "percentage variation fro ...
Monday, 11 November 19
EMINENT MARITIME ORGANIZATIONS AND INDIVIDUALS WERE HONORED
SHIPTEK 2019 Anchors in Greece for its 12th edition.
Eminent Maritime Organizations and Individuals were honored
Greec ...
Wednesday, 06 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
With less than two months before the end of the year, the shipping and refining industries have already taken measures and invested to accommodate ...
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- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- The University of Queensland
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
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