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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Tuesday, 17 September 19
THE DRY BULK FREIGHT MARKET IS ALREADY ON A DOWNWARD CORRECTION - ALLIED
Here we are again, just a breath before the final quarter of the year. Under typical circumstances and on the basis of what we have seen during the ...
Monday, 16 September 19
COLOMBIAN COAL PRODUCTION TO FALL 5% THIS YEAR, MINING GROUP SAYS - REUTERS
Colombia’s coal production will decline to around 80 million tonnes in 2019, nearly 5% below last year’s, because of low prices and dro ...
Monday, 16 September 19
THE COAL-D SHOULDER? - BALTIC EXCHANGE
Good fortune and the number 13 don’t usually go hand in hand, but when it comes to coal, 2013 actually seems to have been the commodity&rsquo ...
Monday, 16 September 19
SCRUBBERS AND FUEL PROFIT SHARE CLAUSES - CLYDE&CO
From 1 January 2020, Regulation 14 of MARPOL Annex VI provides that the sulphur content in fuel oil used on board ships shall be reduced from a max ...
Monday, 16 September 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR MAX 1,290,000 METRIC TONS OF STEAMING COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for total 1,290,000 Metric Tons steam coal.
...
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- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- The University of Queensland
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
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