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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Monday, 24 June 19
KOMIPO INVITED BITUMINOUS COAL BIDS FOR BORYEONG & SHIN BORYEONG POWER PLANTS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 260,000 MT MT of min. 5700 NAR coal and 240,000 MT of min. 4,600 k ...
Sunday, 23 June 19
SUPRAMAX: A 56,000-DWT WAS FIXED FROM INDONESIA TO VIETNAM AT $10,000 - BALTIC BRIEFING
Capesize
The story over the past week has been largely Atlantic dominated as the basin’s uniquely volatile characteristics came into play ...
Saturday, 22 June 19
OPEC'S BATTLE FOR CONTROL OF THE OIL MARKET - WOOD MACKENZIE
Oil supply is confounding expectations. We have just raised our forecasts for non-OPEC production, the latest in a series of incremental increases. ...
Friday, 21 June 19
INDONESIA'S BAYAN RESOURCES SIGNED A COAL SUPPLY AGREEMENT WITH THE BANGLADESH BCPCL TO SUPPLY 23 MILLION TONS OF COAL FOR 10 YEARS
On Monday, 17th June 2019, PT. Bayan Resources signed a Coal supply Agreement with the Bangladesh- China Power Company (Pvt.) Limited. BCPCL is a j ...
Thursday, 20 June 19
BUMI RESOURCES EXPECTS TO SELL 42 MILLION TONS OF COAL IN FIRST HALF - JAKARTA POST
PT Bumi Resources (BUMI), Indonesia's largest thermal coal miner, expects to close the first half of this year with coal sales of 42 million to ...
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- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Marubeni Corporation - India
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
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