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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Sunday, 11 August 19
ULTRAMAX: A 58,000DWT VESSEL OPEN KEMAMAN FIXED FOR TWO TO THREE LADEN LEGS, REDELIVERY SINGAPORE-JAPAN, AT $12,250 - BALTIC BRIEFING
Capesize
With typhoon Lekima gathering pace, numerous China ports were closed by the end of the week and will likely be for two to three days. ...
Tuesday, 06 August 19
SHIPPING MARKET INSIGHT - INTERMODAL
On the 12th of May four tankers were attacked near the coast of Fujairah. The tankers hit were waiving international flags such as that of No ...
Monday, 05 August 19
SUPRAMAX: COAL FROM INDONESIA TO CHINA PAID AT MID $8,000S ON A 57,000-TONNER DELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
Having hit a high of $32,963 early last week, the Capesize 5TC now stands at $25,749. This is over 20% of its value lost in 10 days. C ...
Thursday, 01 August 19
PANAMAX: THE SENTIMENT IN THE MARKET IS STILL POSITIVE FOR THE LONGER TERM - FEARNLEYS
Capesize
Two weeks ago the 5TC index was at 33,000 USD pd. Since then it has fallen off a bit and has stayed around 27,000 USD pd the last week ...
Thursday, 01 August 19
INDIKA ENERGY REVENUES DECLINE DUE TO LOW COAL PRICES
One of the largest Indonesian integrated energy companies PT Indika Energy Tbk posted revenues of US $ 1,380.4 million, down 4.6% compared to US $ ...
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Showing 1351 to 1355 news of total 6871 |
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- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Minerals Council of Australia
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Australian Coal Association
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- The University of Queensland
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
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