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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Wednesday, 31 July 19
INDIA'S 2019 THERMAL COAL IMPORTS SEEN AT 180-185 MLN T - WOODMAC
India is expected to import 180-185 million tonnes of thermal coal in 2019, said Dale Hazelton, head of thermal coal at consultancy Wood Mackenzie. ...
Wednesday, 31 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
It was a fairly busy week in the dry S&P market. Despite the ease of Capesize rates which impacted Panamaxes as well, interest from potential b ...
Sunday, 28 July 19
ULTRAMAX - INDONESIAN COAL CARGOES SAW A 63,000DWT SHIP FIXING DELIVERY FOR A SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY CHINA, AT $11,700 - BALTIC BRIEFING
Capesize
The market was a white knuckled ride this past week as a large downside movement shed value quickly leaving many in bewilderment. The ...
Wednesday, 24 July 19
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.27 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.78 points Monday, down 0.27 percent week on week.
The index, released by Chi ...
Wednesday, 24 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
Tonnes of ink has been spent analysing the rebound of the dry bulk market the last weeks with the most representative example being the rising perf ...
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- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Economic Council, Georgia
- GMR Energy Limited - India
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
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