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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Monday, 21 October 19
SHIPPERS CHANGE COURSE AS FUEL RULES TARGET SULPHUR EMISSIONS - WOOD MACKENZIE
The International Maritime Organization (IMO), the industry’s regulator, will require all ships to reduce the level of sulphur in their engin ...
Monday, 21 October 19
COAL TO PLAY SIGNIFICANT ROLE IN SOUTH AFRICA POWER MIX - MINISTER, REUTERS REPORTED
South Africa’s plans for additional power generation over the next decade will involve a variety of energy sources, with coal still playing a ...
Monday, 21 October 19
ULTRAMAX: IN ASIA, TRIPS FROM THE SINGAPORE AREA WERE PAYING BETWEEN $14,000 AND $16,000, DEPENDING ON THE VESSEL SIZE AND DURATION - BALTIC BRIEFING
Capesize
The market traded in a relatively stable supported manner in the Pacific this week while the Atlantic experienced weakening turbulence ...
Friday, 18 October 19
WHY CRUDE TANKER RATES JUST FELL (HALFWAY) BACK TO EARTH - FREIGHT WAVES
Panic drove crude-tanker rates up, very briefly, to mind-bogglingly high assessed levels of around $300,000 per day. Now, the fear factor has been ...
Friday, 18 October 19
SHORT TERM STRENGTH FOR OZ COMMODITIES - BALTIC BRIEFING
Volatility in the global commodity markets is not expected to unduly rattle Australia’s commodity outlook through 2020, but the 2021 picture ...
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Showing 1306 to 1310 news of total 6871 |
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- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Australian Coal Association
- Bhushan Steel Limited - India
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- PTC India Limited - India
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
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