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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Thursday, 24 October 19
AUSTRALIA'S HOPES TO EXPAND COAL EXPORTS IN SOUTH-EAST ASIA 'DELUSIONAL', EXPERTS SAY - THE GUARDIAN
The number of new coal-fired power plants starting construction across south-east Asia has fallen markedly over the past two years as Australia has ...
Thursday, 24 October 19
PANAMAX: NEGATIVE SENTIMENT IN THE MARKET AS IT CONTINUES TO WEAKEN - FEARNLEYS
Capesize
The market has continued to slide the last week, as lack of fresh requirements and a slight oversupply of tonnage heading towards Sout ...
Wednesday, 23 October 19
CHINA'S 2019 COAL IMPORTS SET TO RISE MORE THAN 10%: ANALYSTS - REUTERS
China, the world’s top coal buyer, is on track to boost imports of the fuel by more than 10% this year, traders and analysts said on Tuesday, ...
Wednesday, 23 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
Moving closer to the end of the year, we are facing what the market was expecting for quite a while, the ship repair sector booming with the shipya ...
Tuesday, 22 October 19
DRY BULK: DESPITE THE DOWNWARD CORRECTION NOTED OVER THE PAST MONTH, RATES ARE STILL HOLDING OFF AT FAVORABLE LEVELS - ALLIED SHIPPING
Despite the downward correction that has been noted in the dry bulk market over the past month, rates are still holding off at favorable levels. Ev ...
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- Australian Coal Association
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- White Energy Company Limited
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Indian Energy Exchange, India
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
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