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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 11 October 19
KOREA SOUTH-EAST POWER TO IMPORT LCV COAL IN NOVEMBER
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for 75,000 Metric Tons low calorific v ...
Thursday, 10 October 19
THERMAL COAL IMPORT LIKELY TO CROSS 200 MT IN 2019-20 - TIME OF INDIA
The country's overall thermal coal import is likely to cross the 200-million tonnes (MT) mark in the current financial year, according to Icra. ...
Wednesday, 09 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we have already stated in previous insights, we had expected that the recovery on rates and activity across all segments in the offshore market ...
Thursday, 03 October 19
OIL PRICE ASSUMPTIONS UNCHANGED, NBP GAS PRICE LOWERED - FITCH RATINGS PRIMARY - FITCH RATINGS
Our oil price assumptions are unchanged, despite the recent price volatility following the attacks on Saudi Arabia's oil infrastructure, Fitch ...
Thursday, 03 October 19
SHIPPING MARKET INSIGHT
Edible oil products across the board are showing healthy amount of export activity, however, rates in most cases are struggling to move accordingly ...
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- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Economic Council, Georgia
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
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