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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 24 July 19
COAL'S DEMISE QUICKENS IN EUROPE AS MARKET SHIFT IDLES PLANTS - BLOOMBERG
Commodity markets are stripping away the case for coal in Europe, moving quicker than government efforts to close the most polluting power plants.
...
Monday, 22 July 19
SUPRAMAX: THE ASIAN ARENA SAW INCREASED ACTIVITY AND STRONGER NUMBERS BEING CONCLUDED; INDONESIAN ROUNDS REMAINED FIRM - BALTIC BRIEFING
Capesize
Another week of gains as the Atlantic basin continues to be pressurised on tonnage and Brazilian cargoes keep up a steady flow. The Ca ...
Thursday, 18 July 19
WORLD TRADE IN HARD COAL ROSE BY 4.7% IN 2018 - GERMANY COAL IMPORTERS ASSOCIATION
World Trade in Hard Coal Rose by 4.7% in 2018
Hard Coal Can Prevent Stress in the Electric Power System in Germany
• Sharp decl ...
Wednesday, 17 July 19
MARKET INSIGHT - INTERMODAL
The Strait of Hormuz is one of the most important waterways in the world, connecting crude producers in the Middle East with key markets in the res ...
Tuesday, 16 July 19
KING COAL RULES IN JAPAN AS POWER UTILITIES IN THRALL TO LOW-COST FUEL - REUTERS
Japanese utilities will rely on the return of coal-fired power plants from maintenance to meet peak electricity demand this summer, highlighting th ...
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- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- White Energy Company Limited
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
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