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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Friday, 27 September 19
LOWDOWN ON INCOTERMS 2020 OVERHAUL - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
This ninth revision of Incoterms is changed in style and substance. The revisions improve certain aspects of Incoterms 20 ...
Thursday, 26 September 19
INDIA INCREASES ITS ANNUAL COAL PRODUCTION BY 2.7% PER YEAR FROM 850 MILLION SHORT TONS IN 2018 TO 2 BILLION SHORT TONS BY 2050 - EIA
Worldwide coal production holds steady at about 8 billion short tons, or 160 quadrillion British thermal units (Btu), per year through 2040. Inc ...
Wednesday, 25 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
In the past five months there has been significant activity in the asset market with the dry bulk segment being by far the most volatile in terms o ...
Tuesday, 24 September 19
9TH ANNUAL SUPPLY CHAIN INNOVATION SUMMIT 2019 ASIA PACIFIC
Summit: 9th Annual Supply Chain Innovation Summit 2019 Asia Pacific
Host: Ace Events
Website: http: ...
Monday, 23 September 19
SUPRAMAX: THE ASIAN ARENA IT WAS A SLOW START, BUT DEMAND INCREASED AS THE WEEK WENT ON - BALTIC BRIEFING
Capesize
The market trended down over this past week, breaking the market out of its upward trending range. While the market traded sideways at ...
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Showing 1326 to 1330 news of total 6871 |
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- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- MS Steel International - UAE
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
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