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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Wednesday, 12 June 19
IMO 2020 - COUNTDOWN TO 1 JANUARY 2020 -HOW WILL THE CHANGES AFFECT REFINING AND SHIPPING? - WOOD MACKENZIE
We know that the IMO’s regulations represent the biggest step change the shipping industry has ever seen and the implications will be felt th ...
Wednesday, 12 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
This year’s tanker S&P activity keeps edging higher compared to the same period in 2018. Year to date we have seen some 143 ships, rangin ...
Tuesday, 11 June 19
INDONESIAN COAL PRICE REFERENCE SET AT $81.48 PER TON IN JUNE, DOWN 15.66 PERCENT YEAR-ON-YEAR
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, 10 June 19
CONSECUTIVE OWNERS OF CARGO: WHO HOLDS TITLE AND THE RIGHT TO SUE? - COLIN BIGGERS & PAISLEY
KNOWLEDGE TO ELEVATE
In Tritton Resources Pty Ltd v Ever Rock Navigation S.A. [2019] FCA 276, the Federal Court considered the application of ...
Monday, 10 June 19
KOSPO INVITES BIDS FOR 1,305,000 MT OF MIN 5600 KCAL/KG NCV COAL FOR SEPT 2019 TO DEC 2021
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 435,000 MT (per year) of max 5,600 kcal/kg N ...
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- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Planning Commission, India
- London Commodity Brokers - England
- White Energy Company Limited
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
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