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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Monday, 09 September 19
ULTRAMAX: ASIA A 58,000-TONNER FIXED DELIVERY FUZHOU, VIA INDONESIA, REDELIVERY CHINA, AT $12,800
Capesize
0px The market reached new heights this week as the 5TC topped $38,014, a level not seen in the sector since 2013. Fridays 5TC closed ...
Wednesday, 04 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
For yet another time, the market seems to have its own drivers. After a very disappointing first half, the recent recovery in the shipping market i ...
Tuesday, 20 August 19
NORDEN HAS BEEN AWARDED A 3-YEAR CONTRACT FOR THE TRANSPORTATION OF COAL FROM INDONESIA TO HONG KONG
NORDEN has been awarded a 3-year contract with a power company in Hong Kong for the transportation of coal from Indonesia to Hong Kong.
...
Tuesday, 20 August 19
THE AUGUST 2019 INDONESIAN COAL PRICE REFERENCE POSTS THE FIRST MONTHLY GAIN SINCE AUGUST 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Monday, 19 August 19
INDONESIAN COAL RUNS, A 82,000DWT SHIP WAS FIXED DELIVERY CHINA VIA INDONESIA, REDELIVERY JAPAN, IN THE MID $16,000S - BALTIC BRIEFING
Capesize
The Capesize market was buoyant in both basins this week, posting gains across the board. After bottoming out the previous week, rates ...
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Showing 1346 to 1350 news of total 6871 |
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- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
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