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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Tuesday, 18 June 19
TANKER SHIPPING: WHILE WE WAIT FOR 2020 TO KICK IN, IT'S ALL ABOUT POLITICS - BIMCO
Demand drivers and freight rates
Iran, Libya and Venezuela face export limitations because of sanctions and internal political troubles. At the s ...
Saturday, 15 June 19
SUPRAMAX: A 58,000-TONNER, OPEN QINGDAO, WAS BOOKED TO REDELIVER IN EAST COAST INDIA AT $6,500 - BALTIC BRIEFING
Capesize
The market closed on a quiet Friday last week after a few hectic days of mid-week trading. Trade routes from Brazil to the Far East we ...
Friday, 14 June 19
PANAMAX: OUTLOOK IS MIXED - FERNLEYS
Capesize
Sentiment changed to a more nervous tone as pacific cargo volumes failed to deliver as expected, however latest activity indicates res ...
Friday, 14 June 19
ELECTRONIC (PAPERLESS) TRADING - SKULD
KNOWLEDGE TO ELEVATE
Electronic Shipping Solutions: Bolero International Ltd, E-Title Authority Pte Ltd, Global Share S.A. (edoxOnline platfor ...
Wednesday, 12 June 19
KOSPO INVITES BIDS FOR 140,000 MT OF 4,600 NCV COAL FOR SEP. 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 140,000 MT of minimum 4,600 kcal/kg NCV coal ...
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- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Parliament of New Zealand
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- The University of Queensland
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
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