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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Planning Commission, India
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- The University of Queensland
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
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