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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Friday, 18 October 19
SINGAPORE'S APEX TO LAUNCH LOW-SULFUR FUEL OIL CONTRACT AHEAD OF NEW SHIPPING RULES - REUTERS
Singapore-based Asia Pacific Exchange (APEX) will launch a low-sulfur fuel oil (LSFO) futures contract on Friday aimed at helping shipping and ener ...
Thursday, 17 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country’s ...
Wednesday, 16 October 19
INDIA CALLS FOR A RESET OF CLIMATE DEBATE ON COAL AS A FUEL - LIVEMINT
India on Tuesday called for a reset on climate debate on coal as a fuel, in the backdrop of India becoming one of the top renewable energy producer ...
Wednesday, 16 October 19
LESSONS LEARNT FROM CREW INJURED IN HEAVY WEATHER - UK P&I CLUB COMMENTS
KNOWLEDGE TO ELEVATE
Stuart Edmonston, Loss Prevention at UK P&I Club, discusses an incident in which crew were injured whilst on deck in ...
Wednesday, 16 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
In perhaps the most interesting market conditions of the past years, the tanker and the dry bulk industry have created a positive sentiment with re ...
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Showing 1311 to 1315 news of total 6871 |
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- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- PTC India Limited - India
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Bhatia International Limited - India
- ICICI Bank Limited - India
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Australian Coal Association
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Planning Commission, India
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
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