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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Monday, 23 September 19
CHINA RECORDS SLOWER GROWTH IN COAL PRODUCTION - XINHUA
The growth of China’s raw coal production slowed down in August, data from the National Bureau of Statistics (NBS) showed.
Aro ...
Friday, 20 September 19
INDIA TO INVITE BIDS FOR COMMERCIAL COAL MINING IN DECEMBER - MINISTER FOR COAL
India aims to begin the process of holding the first round of commercial coal mining auctions December end, Minister for Coal, Mines and Parliament ...
Friday, 20 September 19
INDIA: ECONOMIC SLOWDOWN IMPACTS COAL IMPORT CARGO IN H1 FY20 - PTI
Economic slowdown has impacted coal import cargo in the first half of this fiscal, as overall cargo growth at major ports registered a marginal gro ...
Wednesday, 18 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
During the first week of September, I had the privilege of attending the Donsö Shipping Meet 2019, in Donsö, a small island of around 1,& ...
Tuesday, 17 September 19
PANAMA SHIP REGISTRY MODERNIZES SHIP REGISTRATION
The Panama Ship Registry has announced it will integrate in a single platform “Electronic Ship Registration System (ESRS)” the present ...
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- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Coal and Oil Company - UAE
- PTC India Limited - India
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Australian Coal Association
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
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