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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Sunday, 09 June 19
SUPRAMAX: ASIA LOST GROUND; THE INDIAN OCEAN SAW SLOWER ACTIVITY - BALTIC BRIEFING
Capesize
The market continued in an unusually steady ascent last week. With no major news in the market, each day improved on the last, breakin ...
Friday, 07 June 19
KOEN INVITED BIDS FOR 1.87 MILLION TONS OF COAL FOR JULY - OCTOBER 2019 DELIVERY
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,700,000 to 1,870,000 Metric Tons ...
Wednesday, 05 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
The first semester of 2019 started as a fairly positive semester for the offshore sector whilst there was a recovery on crude prices, as well as a ...
Tuesday, 04 June 19
MARPOL ANNEX VI - SULPHUR CAP 2020 - DEMYSTIFYING THE FONAR - SKULD
KNOWLEDGE TO ELEVATE
Fuel Oil Non-Availability Report (FONAR) is primarily a discretionary tool for a Member State to lessen the breach of MAR ...
Monday, 03 June 19
SUPRAMAX: A 61,000 TONNER OPEN NORTH CHINA, FIXING A TRIP VIA INDONESIA, REDELIVERY SOUTHEAST ASIA AT $7,500 - BALTIC BRIEFING
Capesize
The market continued its steady ascent over the past week to improved levels. The TC average opened the previous week at $12,243 and c ...
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Showing 1391 to 1395 news of total 6871 |
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- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- ICICI Bank Limited - India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
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