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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 16 July 19
SUPRAMAX: THE ASIAN ARENA WAS SPLIT, WITH A BUILD-UP OF TONNAGE AND LACK OF ENQUIRY IN THE NORTH - BALTIC BRIEFING
Capesize
It was a Brazilian affair with a strong splash of bunkers characterising the Capesize market over the past week. Largely traded in Eur ...
Wednesday, 10 July 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR HCV AND LCV COAL FOR AUGUST 2019 LOADING
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for total 460,000 to 500,000 Metric To ...
Wednesday, 10 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
In contrast with the general expectations for the dry bulk market, the sector was not positive or even stable during the past 6 months. The warning ...
Monday, 08 July 19
INDONESIAN COAL PRICE REFERENCE POSTS BIGGEST MONTHLY LOSS SINCE JANUARY 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 08 July 19
ULTRAMAX: A 52,000-TONNER OPEN CJK FIXED FOR A TRIP VIA INDONESIA WITH RE-DELIVERY CHINA AT $6,100 - BALTIC BRIEFING
Capesize
The Capesize market surged over the past week, reaching highs not seen since August last year. Widespread activity in both basins saw ...
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Showing 1366 to 1370 news of total 6871 |
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- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- The University of Queensland
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Parliament of New Zealand
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Bhatia International Limited - India
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Planning Commission, India
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
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