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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 04 November 19
COAL INDIA'S OCTOBER PRODUCTION MAY FALL 20% - PTI
Coal India’s production in October is likely to be 19-20 per cent lower at about 40 million tonne, as compared to 49.77 million tonne produce ...
Monday, 04 November 19
PANAMAX: WEAKER SENTIMENTS CONTINUED FROM LAST WEEK, WITH RATES FURTHER SOFTENING IN BOTH BASINS - BALTIC BRIEFING
Capesize
The Capesize market meandered slightly upwards this week before giving back much of its gains mid-week. Opening the week at $24,945, t ...
Thursday, 31 October 19
U.S. COAL-FIRED POWER PLANTS SCHEDULED TO SHUT - REUTERS
U.S. power companies expect to retire or convert from coal to gas over 13,800 megawatts (MW) of coal-fired plants in 2019 after shutting over 13,30 ...
Thursday, 31 October 19
SE ASIA MAY BECOME NET FOSSIL FUEL IMPORTER IN COMING YEARS - IEA
Southeast Asia is set to become a key driver of world energy trends over the next 20 years as its energy demand grows at twice the global average, ...
Monday, 28 October 19
ULTRAMAX: ASIA RATES REMAINED UNDER PRESSURE WITH THE NORTH LACKING FRESH ENQUIRY - BALTIC BRIEFING
Capesize
The end of the week brought about a small increase in sentiment heading into a long weekend for some regions. After sustaining a drop ...
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Showing 1296 to 1300 news of total 6871 |
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- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Australian Coal Association
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
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